Trump Imposes $50 Billion Tariffs On Chinese Goods, Trade War Looming
The White House has announced that it would impose tariffs 25% on $50 billion worth Chinese imports; this decision came into fruition after senior economic and trade ficials met with one another in the Nation's Capital on Thursday.
China has vowed to retaliate, effectively commencing a trade war between China and the United States, the two largest economies in the world. President Donald Trump has already placed tariffs on the import steel and aluminium from Canada, Mexico and the European Union, eliciting widespread criticism amongst the parties involved. This friction between China and the U.S. comes at a time when the latter must rely on the former in order to mend a longstanding strife with North Korea.
A list nearly 1,300 Chinese imports that will receive this new 25% tariff was formulated by ficials back in April. The Wall Street Journal notes how a United States trade representative "is expected to cut some the products from the list and add others, especially high-tech items," which means that the tariffs to be imposed on different products at separate times, enabling the public to comment on the additions.
China has said that they would impose steep tariffs on American soybean and automotive exports, which would effect Trump-dominant states the most.