China announced an investigation into Google and imposed new tariffs on a range of US products moments after President Donald Trump slapped a 10% tariff on goods from Beijing, reigniting a trade war between the world’s largest economies.
China will probe the US tech giant for alleged anti-trust violations, according to a Tuesday statement from the State Administration for Market Regulation. Beijing also announced 15% levies on coal and liquefied natural gas and 10% on oil and agricultural equipment from the US.
The Chinese measures announced include:
Export control on tungsten-related materials
Adding PVH Corp., owner of Calvin Klein, and Illumina Inc to an unreliable entity list
The offshore yuan extended losses in the afternoon as US-China trade spat evolved with Beijing announcing 10% tariffs on some American goods. The currency dropped 0.3% to 7.3340 offshore , as its trading is closed in the onshore market amid the Lunar New Year holiday.
China’s proxies also declined, the Australian dollar and New Zealand dollar fell by at least 0.8%.