China retaliated to Donald Trump’s opening trade war tariffs by targeting a handful of American companies and slapping levies on some US goods. Beijing imposed a 15% levy on less than $5 billion of US energy imports and a moderate 10% fee on American oil and agricultural equipment on Tuesday, moments after new US tariffs entered effect. In more targeted measures, authorities put Calvin Klein owner PVH and US gene sequencing company Illumina on a so-called blacklist of entities that could affect their sizable operations in China, and imposed new export control on tungsten and other critical metals used in electronic, aviation and defense industries. President Xi Jinping’s response appeared carefully calibrated to avoid major blowback on China’s economy while showing Trump an ability to inflict damage on a range of fronts, including by disrupting the key minerals supply chain and hurting US companies with major operations on the mainland. (Source: Bloomberg)
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