China has escalated its trade war with the US by imposing retaliatory tariffs on approximately $21 billion worth of US agricultural imports. Tariffs ranging from 10% to 15% cover a broad array of commodities, including chicken, wheat, corn, and cotton. This move makes US goods less competitive in China, potentially harming US farmers and raising the risk of economic slowdown or recession in the US. Concurrently, Chinese stock markets have dropped due to trade fears and deflation, as consumer prices experienced their largest drop in over a year, indicating deeper economic challenges.
China has implemented retaliatory tariffs on $21 billion of U.S. agricultural imports, raising tariffs on various commodities including chicken, wheat, corn, and cotton.
The new tariffs aim to counter an additional 10% tariff by Trump on Chinese exports, making U.S. goods pricier and less competitive in China.
China's stock markets experienced declines due to trade war fears and deflation, with the CSI 300 index down by 0.4% and the Hang Seng index down by 1.8%.
Consumer prices in China fell significantly in February, marking the first negative reading since January 2024, which intensifies existing deflationary pressures in the economy.
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