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Home News Macro

China Rebuffs US Fentanyl Claims as New Trade War Escalates

by Team Lumida
February 5, 2025
in Macro
Reading Time: 3 mins read
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China’s Central Bank Embraces Hedge Fund Tactics to Tame $4 Trillion Bond Market

"China's flag" by futureatlas.com is licensed under CC BY 2.0

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Key Takeaways:

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• US implements 10% blanket tariff on Chinese imports citing fentanyl concerns
• China responds with counter-tariffs, export controls, and Google anti-trust probe
• Previous US-China cooperation on fentanyl control unravels despite 2023 agreement
• Diplomatic tensions rise as potential Trump-Xi call remains uncertain

What Happened?

President Trump implemented a 10% tariff on Chinese imports, citing concerns over fentanyl trafficking. China immediately retaliated with its own tariffs and regulatory measures, while Foreign Ministry spokesman Lin Jian criticized the US for disregarding previous cooperative efforts on drug control. This marks a significant shift from the November 2023 agreement between Xi Jinping and then-President Biden to combat fentanyl production.

Why It Matters?

This development represents a significant deterioration in US-China relations, particularly in an area that had been a rare point of cooperation. The mutual implementation of tariffs signals a new phase in trade tensions between the world’s two largest economies. China’s measured response, including targeted actions against US companies like Google, demonstrates a strategic approach to avoid self-inflicted economic damage while maintaining pressure on US interests.

What’s Next?

Key areas to watch include:

  • Potential diplomatic engagement, including a possible Trump-Xi phone call
  • Impact on global supply chains and trade flows
  • Effects on US-China cooperation in drug control
  • Further regulatory actions against US companies in China
  • Economic implications of new tariffs on both economies

The situation remains fluid, with both sides leaving room for dialogue while maintaining firm positions. The development of this new trade conflict could have significant implications for global markets, international trade, and bilateral relations between the world’s two largest economies.

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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
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