Washington, Feb (V7N) — President Donald Trump said Tuesday that he is in “no rush” to speak with Chinese President Xi Jinping, even as tensions between Washington and Beijing escalate following a fresh round of tit-for-tat tariffs.

Just minutes after new US tariffs on Chinese goods took effect, Beijing retaliated with levies on American energy, vehicles, and equipment—further deepening the trade war between the world’s two largest economies.

China Hits Back with Tariffs, Investigations

China responded forcefully, slapping 15% tariffs on US coal and liquefied natural gas (LNG), while crude oil, agricultural machinery, and large-engine vehicles now face a 10% duty.

Beijing also launched an investigation into American tech giant Google and PVH Corp., the parent company of Tommy Hilfiger and Calvin Klein. At the same time, China imposed fresh export controls on key industrial metals, including tungsten, tellurium, bismuth, and molybdenum—critical materials used in high-tech manufacturing.

China’s government called the move a direct response to Washington’s “unilateral tariff hike” and vowed to take its case to the World Trade Organization, slamming the US levies as “malicious.”

Trump Defends Tariffs, Blames China for Fentanyl Crisis

Speaking to reporters at the White House, Trump dismissed expectations of an imminent conversation with Xi, saying, “I’m not in a hurry” to talk.

The administration has justified the latest round of tariffs by linking them to the ongoing fentanyl crisis in the US.

“He is not going to allow China to continue to source and distribute deadly fentanyl into our country, that was the reason for this tariff,” White House Press Secretary Karoline Leavitt said.

The new 10% tariff on Chinese goods also removes duty-free exemptions for low-value packages, a move expected to slow shipments from e-commerce giants Shein and Temu.

Markets React, US Postal Service Suspends Chinese Shipments

While US stock markets remained relatively steady, Chinese stocks saw increased volatility after the US Postal Service announced it would suspend inbound package shipments from China and Hong Kong “until further notice.”

The suspension applies to small parcels but does not impact letters and flat envelopes. The decision could disrupt e-commerce and global supply chains, further complicating trade between the two nations.

Trump’s Last-Minute Deals with Mexico and Canada

Trump has made tariffs a central tool of his second-term foreign policy, frequently calling them the “most beautiful” word in the dictionary.

However, on Monday, the White House struck last-minute deals with Mexico and Canada, delaying 25% tariffs on their imports for 30 days.

Mexican President Claudia Sheinbaum said her government had already begun deploying 10,000 troops to tighten border security as part of the deal. Meanwhile, Canadian Prime Minister Justin Trudeau announced plans to appoint a “Fentanyl Czar” and designate drug cartels as terrorist organizations.

Both countries have one month to meet US demands before the tariff pause is reevaluated.

China Turns to Russia Amid US Pressure

While China remains a major importer of American energy—purchasing more than $7 billion worth of oil, coal, and LNG last year—it has increasingly turned to Russia.

In 2024, Beijing imported $94 billion worth of energy from Moscow, underscoring its efforts to diversify trade partnerships amid mounting pressure from Washington.

As both superpowers dig in, the trade war shows no sign of slowing—leaving global markets, businesses, and consumers bracing for what comes next.

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