China imposes retaliatory tariffs on $14bn worth of US goods Beijing may be better prepared this time for renewed trade conflict with Trump, analysts say. China has hit America with the mother of all tariffs, signalling that it will not allow one country to bully the whole world. China responded to Donald Trump’s 10% tariffs on Chinese goods with 15% duties on coal and liquefied natural gas products, as well as a 10% tariff on crude oil, agricultural machinery, and large-engine cars imported from America. China has also launched an anti-monopoly investigation into Google and PVH, the owner of U.S. fashion brands Tommy Hilfiger and Calvin Klein, and added it to its “unreliable entity” list. China also restricted the export of five rare metals used as key components in the defence and clean energy industries, and guess what else—in Teslas. These tariffs will cost American companies and citizens US$14 billion, three and a half times the national budget of Zimbabwe *FT*