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China's Crackdown on US Firms: Google, PVH Corp, and Illumina Targeted in Escalating Trade Tensions

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In a swift response to new U.S. tariffs on Chinese goods, China has announced a series of measures aimed at American companies, including tech giant Google, farm equipment manufacturers, and the owner of fashion brand Calvin Klein. This move comes amidst escalating trade tensions between the two largest economies in the world.




China's State Administration for Market Regulation has initiated an investigation into Google, citing suspicions of violating the country's anti-monopoly law. Although specific details of the alleged violation were not disclosed, Google's services, such as its search engine, remain blocked in China, with revenue from the country accounting for only 1% of its global sales.


Furthermore, PVH Corp, the parent company of Calvin Klein and Tommy Hilfiger, along with U.S. biotechnology firm Illumina, have been placed on China's "unreliable entity" list. The Chinese Commerce Ministry accused these companies of taking discriminatory actions against Chinese enterprises, leading to the infringement of Chinese companies' rights and interests.


While PVH expressed surprise and disappointment at being added to the list, stating its commitment to compliance with laws and regulations, Illumina did not respond to requests for comment. The repercussions of being on this list could include fines, trade freezes, and revocation of work permits for foreign employees.


In addition to these actions, China has imposed 10% tariffs on U.S. farm equipment imports, affecting companies like Caterpillar, Deere & Co, and AGCO. This move could also impact Tesla's Cybertruck, awaiting regulatory approval for sales in China. The Cybertruck was initially classified as a "passenger car," but if reclassified as an electric truck, Tesla may face a 10% tariff on future imports from its Texas factory.


The trade restrictions announced by China on Tuesday extend beyond the tech sector, marking a significant escalation in tensions between Beijing and Washington. These measures follow China's investigation into Nvidia for suspected anti-monopoly violations and a security review of Intel's products sold in China.

 
  • China targets Google, PVH Corp, and Illumina in response to U.S. tariffs

  • 10% tariffs imposed on U.S. farm equipment imports, impacting companies like Caterpillar and Tesla

  • Escalating trade tensions between China and the U.S. extend beyond the tech sector


Source: REUTERS


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