The ongoing trade war between China and the United States has escalated once again, with China striking back against fresh US tariffs. In response to President Donald Trump's decision to double tariffs on Chinese imports to 20%, Beijing has rolled out its own set of countermeasures, further intensifying economic tensions between the two nations.

Targeting US agriculture and key industries:

It is reportedly said that China's retaliation primarily focuses on American agricultural products, imposing a 15% tariff on key imports such as chicken, corn, cotton, and wheat, effective from March 10. Additionally, a 10% levy has been reportedly placed on aquatic products, beef, dairy, fruits, vegetables, pork, soybeans, and sorghum.

Also read: 'No tax for tips, seniors and overtime': US President Donald Trump promises sweeping tax cuts

These moves are expected to hit US farmers hard, especially given China's significance as a major export market for American agricultural goods.

Beyond agriculture, Beijing has also taken aim at industrial sectors by imposing a 10% tariff on agricultural machinery, pickup trucks, and certain large automobiles.

However, since China imports relatively few American vehicles, the economic impact on this sector may be limited.

Restrictions on US companies:

Beijing has also reportedy escalated its pressure on American businesses. It has placed 15 US firms on its Export Control List, restricting Chinese companies from supplying them with dual-use technologies. Furthermore, 10 additional American companies have been added to China's Unreliable Entity List, restricting their ability to do business with Chinese firms.

Energy sector tariffs:

In a move to disrupt energy trade, China has introduced new import taxes on US fossil fuels. These include a 15% tariff on coal and liquefied natural gas (LNG), as well as a 10% charge on crude oil. The increased costs for importing American energy resources may push Chinese buyers toward alternative suppliers, such as Indonesia, Russia, and Australia, shifting global trade dynamics in the process.

Also read: 'If war is what US wants, be it tariff, trade or any other, we're ready to fight': China warns

Investigating US tech giants:

Aside from tariffs, China is employing regulatory measures to exert pressure on American businesses. It has launched an anti-monopoly probe into Google, though details remain scarce.

While Google's core search services have been banned in China since 2010, the company still operates in the country through app and game distribution. Given that China contributes only about 1% of Google's global revenue, the impact of such an investigation may be more symbolic than financial.

Controlling rare metal exports:

Perhaps the most strategic move in China's counterattack is its decision to impose export controls on 25 rare metals, many of which are crucial for electronics and military applications.

China dominates global refining of these rare earth elements, producing nearly 90% of the world's supply. The restrictions could have far-reaching consequences, particularly for the aerospace and tech industries, which depend on materials like tungsten.