China strikes Trump’s tariffs with retaliatory duties, U.S. corporate sanctions and WTO showdowns – Chevron (NYSE:CVX), Conocophillips (NYSE:COP)

China responds strongly to the president Donald Trump’s Recent tariff increases, sanctions against selected U.S. goods, and plans to file complaints with the World Trade Organization.

what happened: Beijing’s action, timing that coincides with the general U.S. tariffs on Chinese goods include tariffs on U.S. poultry and agricultural products such as wheat, corn and cotton, according to the South China Morning Post. The 10% tariff will apply to the import of soybeans, pork, beef and a variety of food products.

A spokesperson for the Chinese Ministry of Commerce said in an official statement: “The unilateral tariff measures initiated by the United States seriously violate WTO rules and undermine the basis of bilateral economic and trade cooperation.”

In addition to tariffs, the Ministry of Commerce has added 15 U.S. companies to China’s export control list, requiring special approval to accept exports from “dual use” projects. Another ten U.S. companies were placed on Beijing’s “unreliable entity list”, effectively banning them from trading with China or making new investments in the country.

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Why it matters: The escalation comes after Trump announced double tariffs on Chinese imports last week, adding 10% responsibilities that have been in effect since February. These moves are widely seen as the opening shot of the new trade war, with Trump sending a signal on his truth-clarifying social platform that more tariffs may occur on April 2.

Economists point out that despite the huge response from China, it remains measured. “Today’s list covers agricultural products such as soybeans that are important to the trade between the two countries.” Zhang Zhiweichief economist at Pinpoint Asset Management. “But China has retaliated against a small portion of U.S. exports. I think China is still working hard not to escalate the trade war.”

In early February, China had imposed 15% tariffs on coal and liquefied natural gas and 10% tariffs on crude oil, agricultural machinery and high-swap vehicles, affecting major U.S. exporters ExxonMobil XOM,,,,, Chevron CVXand conocophillips police.

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Disclaimer: The content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.