Thursday, August 09, 2018

China slams Trump's trade moves, retaliates with 25% tax on U.S. products

China said Wednesday it will impose a 25-percent tax on hundreds of U.S. products, the latest retaliation in a trade war that’s raising anxiety among American farmers and other businesses about their prospects for the rest of the year. The Chinese Ministry of Commerce announced the charge on $16 billion worth of U.S. goods, including large passenger cars, motorcycles, fiber-optical cables, plastic products, coal and asphalt. The tariffs will go into effect Aug. 23. Chinese state media accused the U.S of a “mobster mentality” in its move to implement additional tariffs, and warned that Beijing had all the necessary means to fight back. The move came after the U.S. Trade Representative released a final list of $16 billion worth in Chinese goods that will be hit with tariffs, also to take effect Aug. 23. The latest U.S. list brings the total worth of Chinese products facing a 25-percent tariff to $50 billion. President Trump’s escalating trade war with China is causing heightened concern among several sectors of the U.S. economy, particularly agriculture...MORE

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