US President Donald Trump is seen starting Tariff War with his action and It has created panic in the World Economy. Since becoming the President of America, Donald Trump is imposing tariffs (tax) on imports from one countries one after the other and now other countries are taking retaliation. On Tuesday, March 4, Trump’s new tariff was announced against Canada, Mexico and China, and as soon as it came into force, China and Canada have announced retaliation.
President Trump has announced 25% tariff against Canada and Mexico and 20% tariff against China. The 10% tariff which was imposed on China last month has now been doubled.
China’s retaliation
The Finance Ministry of Beijing has announced 15% tariffs on many American agricultural imports including chicken, wheat, maize and cotton. Also, 10% tariffs have been applied on other products like soybean, pork, beef, fruits, vegetables and dairy products. These taxes will be applicable from March 10. Also, China’s Ministry of Commerce has added 10 American companies to the so -called “unreliable entity list” and 15 US institutions in the export control list, which will be effective from today.
American institutions that China have targeted include American Biotech firm Illuminia. China has accused Illuminia of “discriminated against Chinese companies”.
Since March 4, Illuminia has been banned on the export of gene sequencing in China. The 15 institutions added in China’s export control list include companies from Aviation, Marine Engineering and Artificial Intelligence sector.
Canada also loaded tariffs
Canada has announced that it will impose 25% counter -tariffs on US goods worth $ 107 billion ($ 155 billion) from March 4. According to the report by Reuters, Canadian Prime Minister Justin Trudeau attempted to postpone the US tariff that if the Trump administration executes its plan, Canada will impose 25 percent tariffs on American goods from Tuesday.
Mexico also prepared
According to the BBC report, while Canada and China have already vowed to apply counter tariffs, Mexico can also apply counter tariffs within 24 hours. Prior to the implementation of 25% of the US tariffs on imports from Mexico, Mexico President Claudia Sheenbam said that their country had made casual plans. He said, “In this situation, we need restraint, peace and patience. We have Plan A, Plan B, Plan C and even Plan D. “Sheenbam said that she will talk about Mexico’s reply on Tuesday in Canadian time.