U.S. and China Exchange Tariffs, Fears of Trade War Increase
This week, the United States and China announced a new round of tariffs in what some economists fear could result in a trade war. On Tuesday, the US Trade Representative announced tariffs on roughly 1,300 Chinese goods, taking strong aim at China’s growing high-tech exports. In retaliation, China announced tariffs on more than 100 American imports ranging from soybeans to planes and automobiles. The Chinese ambassador to the United States stressed negotiations were preferable, but China would be forced to fight back against any new tariffs. The President then tweeted that the United States cannot lose from a trade war with China as it was already lost “many years ago”. The new Chinese tariffs target regional economies with high Trump support such as farming states and manufacturing plants in the South.
To read more about the tariffs, click here.