China answers Don’s steel tariffs with hikes of its own
A ROUND of economic sanctions China imposed Monday could hit President Trump right in the voting booth.
The Asian country’s Finance Ministry announced a series of tariffs on American goods, most of which come from the Trump-loving heartland.
Beijing placed 15% import duties on American apples and almonds and 25% tariffs on pork, aluminum scrap and other products — mostly from the farm areas that voted for Trump in the 2016 presidential election. China made clear its move retaliation for Trump’s is March 23 announcement of tariffs on Chinese on aluminum and steel. China’s Finance Ministry said the U.S. action “has seriously damaged our interests.”
A bigger dispute looms over Trump’s approval of possible higher duties on nearly $50 billion of Chinese goods in a dispute over technology policy.
“Our country advocates and supports the multilateral trading system,” the ministry said in a statement.
Forecasters say the immediate economic impact should be limited, but investors worry the global recovery might be set back if other governments respond by raising their own import barriers.