China strikes back in trade war with U.S.
A trade war between the world’s two largest economies officially began on Friday morning as the Trump administration followed through with its threat to impose tariffs on $34 billion worth of Chinese products, a significant escalation of a fight that could hurt companies and consumers in both the United States and China.
The penalties prompted quick retaliation by Beijing, which said it immediately put its own similarly sized tariffs on American goods. Previously, the Chinese government had said it would tax pork, soybeans and automobiles, among other products.
China’s Ministry of Commerce said in a statement that the United States “has launched the biggest trade war in economic history so far.” The escalation from threat to reality is expected to ripple through global supply and roil global stock markets.
Stephen B. Morton / Associated Press