Friday, July 6, 2018

U.S. tariffs take effect on $34B in Chinese imports as Beijing announces retaliation

The United States hiked tariffs on Chinese imports Friday and Beijing announced it was retaliating against American goods in a growing trade dispute between the world's two biggest economies.

President Donald Trump says he is prepared to escalate. On Thursday, Trump said higher tariffs on an additional $16 billion in Chinese goods were set to take effect in two weeks. Trump said the U.S. is ready to target an additional $200 billion in Chinese imports — and then $300 billion more — if Beijing does not yield to his demands.