China Retaliates Against Trump's Tariffs
China responded swiftly to President Trump's imposition of 10% tariffs on all Chinese products by announcing its own tariffs on U.S. coal and gas, as well as restrictions on exports of some minerals.
The Chinese government stated that their tariffs will not take effect until February 10th, leaving some room for negotiation. The White House press secretary confirmed that a call between Trump and China's leader, Xi Jinping, is being scheduled and will take place soon.
Economists estimate that China's tariffs would cover approximately $20 billion of U.S. exports, compared to Trump's tariffs on over $450 billion of Chinese goods. Additionally, Chinese authorities initiated an antitrust investigation into Google.
This tit-for-tat exchange highlights the escalating trade war between the two economic giants. As Trump alienates allies and partners with the threat of tariffs, his actions inadvertently provide China an opportunity to strengthen its global standing.
5 Comments
Pupsik
This is just another example of Trump's failed economic policies.
Marishka
This trade war is necessary to protect American jobs and businesses.
Pupsik
This is a win for American workers and businesses.
Marishka
Trump is finally putting America first.
Pupsik
The American people are the ones who will suffer the most from this trade war.