The Chinese government said Tuesday that it would impose tariffs on US goods worth $60 billion following the Trump administration’s announcement that it was hitting $200 billion worth of Chinese goods with new tariffs.
The U.S. is reaching out to China for a new round of trade talks, in an effort to give Beijing another opportunity to address Washington’s concerns over trade issues before the Trump administration implements additional tariffs on Chinese imports, according to people briefed on the matter.
Australia thrives on selling goods to countries around the world – particularly to China, which sucks up about a third of Australian exports every year.
The U.S. economy will be hit many times harder than the rest of the world by an escalating global trade war, according the chief executive officer of A.P. Moller-Maersk A/S.
The United States will start imposing 25 percent tariffs on Chinese imports after midnight Thursday, firing a salvo in a trade war that analysts said would sour relations between the two countries while hurting businesses, consumers and the world economy.
The European Union is reportedly preparing to slap tariffs on up to $300 billion of U.S. products, if the White House goes ahead with its threatened tariffs on auto imports from the EU.
President Donald Trump is threatening to slap tariffs on another $200 billion in Chinese imports as trade tensions between the world’s two largest economies reach new heights.