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iIlluminem summarizes for you the essential news of the day. Read the full piece on CNN or enjoy below:
🗞️ Driving the news: China has retaliated against U.S. President Donald Trump’s newly imposed 10% tariffs on Chinese imports by announcing countermeasures
• These include new tariffs on U.S. coal, crude oil, and cars, as well as export controls on key minerals like tungsten and tellurium
• China also added two U.S. firms to its "unreliable entities" list and launched an antitrust investigation into Google
🔭 The context: Trump’s tariffs, which also target Mexico and Canada, were introduced as part of broader trade measures aimed at addressing economic and security concerns
• While he has paused tariffs on Mexico and Canada after discussions with their leaders, the China duties remain in effect
• Beijing is filing a complaint with the World Trade Organization and warns that U.S. actions undermine global trade stability
🌍 Why it matters for the planet: The trade war could disrupt supply chains for critical minerals used in green technologies like solar panels
• Global economic instability from escalating tariffs may slow investment in climate and sustainability efforts
• Additionally, higher costs on goods could impact industries striving for a low-carbon transition
⏭️ What's next: Trump and Chinese President Xi Jinping may hold talks soon, but no official confirmation has come from Beijing
• The U.S. is also reviewing its economic relationship with China, with potential for more tariffs after April 1
• If tensions escalate, a broader trade war could disrupt global markets and economic stability
💬 One quote: “The US practice seriously undermines the rules-based multilateral trading system, undermines the foundation of economic and trade cooperation between China and the United States, and disrupts the stability of the global industrial chain and supply chain.” – China’s Ministry of Commerce
📈 One stat: China’s countermeasures target around $20 billion of U.S. imports—just 12% of total U.S.-China trade, compared to the $450 billion in Chinese goods affected by Trump’s tariffs
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