Economics
Trump to Pull Tariff Trigger at Midnight in Trade-War Escalation
- China vows ‘immediate’ retaliation if U.S. tariffs applied
- U.S. president has said he’ll up ante if China retaliates
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President Donald Trump is preparing to slap tariffs on Chinese goods early Friday, the first shot in a trade war between the world’s two biggest economies.
Tariffs on $34 billion of Chinese goods are scheduled to take effect at 12:01 a.m. in Washington, the U.S. Trade Representative confirmed in an email Thursday. The milestone marks a new and damaging phase in a conflict that has roiled markets and cast a shadow over the global growth outlook.