Bloomberg Audio Studios Podcasts Radio news Soon.
After US President Donald Trump's opening salvo of his second trade war,
hitting more than $500 billion worth of Chinese goods with a 10% tariff,
China retaliated with tariffs of its own.
It imposed 10 to 15% levies on $14 billion worth of American goods,
including coal, crude oil with larger engines from the likes of GM and Ford.
Those tariffs went into effect Monday, February 10th.
China's retaliatory tariffs on $14 billion of US goods also due to kick in today.
And within hours,
Trump slapped a 25% tariff on all steel and aluminum imports industries dominated by China.
So if it's made in the United States, there is no tariff.
All you have to do is make it in the United States.
We don't need it from another country.
Jenny Marsh, who oversees Bloomberg's coverage of greater China economy and politics,
says President Xi Jinping doesn't appear to be flustered by the flurry of tariffs coming from Trump.
You know, you saw Trudeau and Mexico's leader both rushing to get on the phone striking these deals.
Xi Jinping sending a very sort of cool,
calm collector's signal that like he isn't going to be doing the same thing,
like he's a much bigger fish and China's going to respond in its own way.
And Bloomberg opinion columnist Shui Ren says China's response this time is very different from the first trade war in 2018.