Economics
Trump Eyes Even Higher Tariffs as China Trade War Escalates
- U.S. government imposes levies on $34 billion of imports
- China to levy stiff duties on U.S. cars, soybeans, other items
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President Donald Trump threatened to impose tariffs on every single Chinese import into America as the world’s two largest economies exchanged the first blows in a trade war that isn’t set to end anytime soon.
After months of rhetoric, a 25 percent levy on $34 billion of Chinese goods entering the U.S. took effect just after midnight Washington time on Friday with farming plows and airplane parts among the products targeted. China hit back immediately via duties on U.S. shipments including soybeans and automobiles.