China strikes back in trade war with U.S.

Houston Chronicle Sunday - - NEWS RECAP -

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

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