Trump pulls trigger on extra tariffs, escalating trade war

United States president Donald Trump today pulled the trigger on a new round of tariffs on Chinese goods, escalating the trade war with China which was seemingly coming to an end. China has said it will hit back. 

As Trump announced on Sunday, he has increased the tariffs on USD 200 billion of Chinese goods from 10% to 25%. In total, USD 250 billion of Chinese goods are now taxed with import levies of 25%.

CNN reports that the Chinese government expressed “deep regret over the development” and pledged to take “necessary countermeasures.”

“We hope the United States will meet us halfway, and work with us to resolve existing issues through cooperation and consultation,” China’s Ministry of Commerce said in a statement. The ministry did not give specifics on how it would respond.
There is a possibility that retaliation of China will be met with even more measures from the United States. Last week, Trump said that in addition to increasing the percentage of existing tariffs, he would also add new tariffs of 25% on an additional USD 325 billion of Chinese products.

Author: Tobias Pieffers

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