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U.S., China Add $16 Billion in Tariffs on Each Other’s Goods
As expected, the U.S. has implemented an additional $16 billion in tariffs on imports from China.
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As expected, the U.S. has implemented an additional $16 billion in tariffs on imports from China.
China promptly matched the Trump administration’s 25% duties by imposing $16 billion in new taxes on goods arriving from U.S. producers. China also vows to file a complaint about the U.S. protective taxes to the World Trade Organization.
The exchange brings the value of tariffs imposed by each country to $50 billion. It comes as mid-level trade envoys from the U.S. and China meet for the first time since June in hopes of reviving negotiations to end the tit-for-tat trade war.
Analysts say the White House is betting that America’s strong economy will prevail in the standoff. The Trump administration is adamant about forcing China to revise policies that demand U.S. companies give up technology secrets in return for the right to do business in the country.
President Donald Trump has threatened to raise U.S. tariffs on Chinese goods to $200 billion if necessary to achieve his goal.
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