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Trump Adds Protective Tariffs on $50 Billion in Chinese Goods
President Donald Trump is adding a 25% tariff on some $50 billion in Chinese goods in a bid to force the country to lower its own import taxes on American products.
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President Donald Trump is adding a 25% tariff on some $50 billion in Chinese goods in a bid to force the country to lower its own import taxes on American products.
The White House’s initial list of affected goods covers 818 items worth $34 billion, with goods accounting for the remaining $16 billion to be announced later. Reports say the initial list includes items that U.S. carmakers use in their vehicles.
Beijing said shortly before the new taxes were announced that it will retaliate. But Trump has warned he is ready to expand the U.S. tariffs by as much as $100 billion if China imposes new sanctions of its own. Trump specifically cautions China not to raise import taxes on goods and services from the U.S. or add non-tariff barriers for U.S. companies doing business in China.
The exchange moves the two superpowers closer to an all-out trade war, a possibility Trump has claimed he relishes and is confident of winning. Two weeks ago Trump also imposed import taxes of 25% on steel and 10% on aluminum from Canada, Europe and Mexico. Last week he escalated his threat to add a 25% import tax on all foreign-made cars.
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