Wed, 05 Feb 2025

Wed, 05 Feb 2025 China challenges Trump tariffs as 'discriminatory'

Beijing says the US is making "unfounded" claims about its role in the fentanyl trade to justify new tariffs.
The US has sparked concerns about the impact of its actions on the economy, including in the US, as businesses respond to trade uncertainty by holding off investments or passing new costs onto customers. In December, US imports hit their highest on record, jumping 4% from November to $293.1bn, contributing to a wider trade deficit between exports and imports. The dispute comes as Trump's plans for tariffs cause uncertainty across the global trade landscape, with China preparing for a possible investigation into Apple's policies. The US has refused to approve appointments to the WTO panel that settles trade disputes. China ranked as the country with the biggest goods deficit in December, sending $25.3bn more into the US than it purchased, while the European Union had the second largest gap. The US enjoyed a small surplus of $2.3bn in goods trade with the UK. Economists warn that the introduction of tariffs could lead to prices rising on a wide range of products, and that China's measures set out next week will be a major "shock" for some firms.
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