China Hits US With $14B In Retaliatory Tariffs

Chinese leader Xi Jinping has retaliated against the U.S. by imposing tariffs on $14 billion worth of American goods, signaling a deepening trade war.

The move follows President Donald Trump's decision to levy an additional 10% tariff on Chinese imports, which he described as an "opening salvo" in renewed economic pressure on Beijing, the Financial Times reported.

China's measures, targeting U.S. energy exports, farm equipment, and automotive goods with up to 15% tariffs, initially left room for negotiation.

However, with no deal reached by the deadline, the tariffs took effect at midnight Beijing time.

Beijing also launched antitrust investigations into Google and biotech firm Illumina and restricted rare earth metal exports, critical for U.S. defense and green energy industries.

Trump's 10% tariffs are expected to raise prices on laptops, toys and fast fashion clothing in the United States, the Associated Press reported.

The president also said on Sunday that he is going to slap a 25% tariff on imported steel.