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U.S. imposes new tariffs on China, reigniting global trade tensions

On February 4, 2025, the United States implemented a 10% tariff on Chinese imports, marking a significant escalation in trade tensions between the world's two largest economies. This decision followed President Donald Trump's earlier announcement of imposing 25% tariffs on goods from Mexico and Canada; however, these measures were temporarily suspended after both neighboring countries agreed to enhance their efforts in combating illegal immigration and drug trafficking.

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In response to the U.S. tariffs, China swiftly enacted retaliatory measures, including tariffs of up to 15% on American coal, liquefied natural gas, agricultural equipment, and oil. Additionally, Chinese authorities launched an antitrust investigation into Alphabet Inc., the parent company of Google, signaling a broadening of the dispute beyond traditional trade goods.

The financial markets reacted promptly to these developments. The U.S. dollar remained stable, with the dollar index inching up by 0.1% to 108.5. Conversely, the euro declined by 0.20% to $1.032, amid concerns over potential future U.S. tariffs on European Union goods. The Canadian dollar and Mexican peso experienced volatility following the suspension of tariffs against their respective countries. Meanwhile, the Chinese yuan saw a slight appreciation, reflecting the complex dynamics of the ongoing trade conflict.

Major industries are bracing for the impact of these tariffs. The manufacturing sector, which had shown signs of recovery in January 2025 after more than two years of contraction, faces renewed uncertainty. Economists warn that increased raw material costs and disrupted supply chains could derail this tentative rebound, potentially leading to higher consumer prices and a slowdown in economic growth.

The alcoholic beverage industry is also poised to feel the effects. Companies such as Diageo, Pernod Ricard, and Constellation Brands, which have significant production operations in Mexico and rely heavily on cross-border trade, may encounter substantial challenges. For instance, Diageo could face a $200 million impact on operating profit due to its tequila production in Mexico.

As the situation evolves, stakeholders across various sectors are closely monitoring the developments. The interplay between trade policies and economic performance remains a focal point of analysis, with the potential for significant implications on global trade dynamics and domestic economic health.