China has announced new tariffs ranging from 10% to 15% on several US agricultural and food products in response to American trade restrictions. Effective March 10, products such as soybeans, sorghum, pork, beef, aquatic products, fruits, vegetables, and dairy will face a 10% duty, while chicken, wheat, corn, and cotton will be taxed at 15%, Reuters reported. Additionally, China has imposed export and investment restrictions on 25 US firms.

This move follows the United States’ decision to double tariffs on Chinese goods from 10% to 20%, alongside a new 25% duty on imports from Canada and Mexico. US President Donald Trump cited China’s role in fentanyl production as justification for the latest 10% tariff on Chinese imports, which took effect today.

Other affected countries have also responded. Canada announced retaliatory tariffs on US goods worth $107 billion (155 billion Canadian dollars). Outgoing Prime Minister Justin Trudeau stated that a 25% duty on $30 billion worth of US goods would begin immediately, with additional tariffs on $125 billion set to follow within 21 days.

Meanwhile, Mexico has signaled its readiness to counter US tariffs if necessary. President Claudia Sheinbaum stated that the country had multiple contingency plans, saying, “We have a plan B, C, D,” indicating a strategic approach to minimize economic disruptions.

The growing trade tensions have raised concerns about a potential global trade war, with economic consequences looming for all involved nations.