China will probe the US tech giant for alleged anti-trust violations, according to a Tuesday statement from the State Administration for Market Regulation. Beijing also announced 15% levies on coal and liquefied natural gas and 10% on oil and agricultural equipment from the US.
The Chinese measures announced include:
- Export control on tungsten-related materials
- Adding PVH Corp., owner of Calvin Klein, and Illumina Inc to an unreliable entity list
The offshore yuan extended losses in the afternoon as US-China trade spat evolved with Beijing announcing 10% tariffs on some American goods. The currency dropped 0.3% to 7.3340 offshore , as its trading is closed in the onshore market amid the Lunar New Year holiday.
China’s proxies also declined, the Australian dollar and New Zealand dollar fell by at least 0.8%.
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The US leader over the weekend ordered a blanket levy on Chinese exports to take effect after midnight on Tuesday in the US, for what he calls Beijing’s failure to prevent the flow of illegal drugs. The orders included retaliation clauses that would increase tariffs if the countries respond in kind.
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