China hits back at Trump’s tariffs:15% on US coal and LNG, 10% on crude and farm equipment

US President Donald Trump might have just started a new trade war with China after imposing an additional 10% tariff on Chinese exports. China isn’t standing idly by and has announced massive countermeasures; 15% tariffs on US coal and liquefied natural gas (LNG) and 10% tariffs on crude oil, agricultural machinery, and certain cars, effective from February 10. As the US-China trade war intensifies, Oxford Economics downgraded China’s economic growth forecast, noting the high probability of further tariffs. Trump has made it clear that he will increase tariffs further unless China acts to halt the alleged flow of fentanyl, a deadly opioid, into the US. However, China maintains that fentanyl is an American problem and vowed to challenge the US tariffs at the World Trade Organization (WTO), while also leaving the door open for negotiations with almost 6 days left for the tariffs to come into effect.