Trade War begins: US and China exchange $34 billion in tariffs
President Trump's tariffs on $34 billion worth of Chinese goods kick in, escalating a war of words between the world's two largest economies into a full-blown trade conflict.
Washington's 25 percent duties went into effect at midnight EDT and affected products such as water boilers, X-ray machine components, airplane tires and various other industrial parts.
China immediately retaliates with tariffs on its $34 billion list of goods issued last month, including soybeans, pork and electric vehicles.
Beijing calls it the "biggest trade war in economic history."
Weizhen Tan | @weizent
Published 11 Hours Ago Updated 1 Hour Ago
U.S. tariffs on $34 billion worth of Chinese goods kicked in on Friday, escalating a war of words between the world's two largest economies into a full-blown trade conflict.
Washington's 25 percent duties went into effect at midnight EDT and affected products such as water boilers, X-ray machine components, airplane tires and various other industrial parts. China immediately implemented retaliatory tariffs on its $34 billion list of goods issued last month, including soybeans, pork and electric vehicles. Beijing called it the "biggest trade war in economic history."
It's unlikely to stop there. In fact, there will be probably be “escalation upon escalation,†warned Geoff Raby, Australia’s former ambassador to China.
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https://www.cnbc.com/2018/07/06/trade-war-worries-us-china-tariffs-to-kick-in-on-friday.html
