China imposes counter-tariffs on 12 US products

In a new escalation against (Trump’s tariffs), the Chinese Ministry of Finance announced the imposition of 10% customs duties on a group of US products, including soybeans, sorghum, pork, beef, aquatic products, fruits, vegetables, and dairy products, while 15% duties will be imposed on imports of chicken, wheat, corn, and cotton.

Earlier, China confirmed that it will file an official complaint with the World Trade Organization regarding the customs duties imposed by US President Donald Trump, and will take counter-measures to protect its rights and interests. The official Chinese news agency (Xinhua) described the US decision as a “wrong move”, amid fears of an escalation of the trade war and its negative effects on global economic growth. China expressed its strong dissatisfaction and categorical rejection of the US decision to impose additional customs duties of 10% on Chinese goods.

Before Trump took office on January 20, the International Monetary Fund warned that retaliatory tariffs could hamper Asia’s economic growth prospects, increase costs and disrupt supply chains, despite the fund’s expectations that the region would remain a major driver of growth in the global economy. In addition, Goldman Sachs warned of the risks that could result from a potential escalation of tariffs in light of US President Donald Trump’s threats to impose new tariffs on a range of goods. The bank advised investors to focus on investing in gold and oil as safe havens to protect their portfolios from the potential impact of these risks, according to the American platform Market Watch. In a recent report issued by “Goldman Sachs”, the bank confirmed that gold is one of the most capable assets to protect investors in the current economic conditions.