China Fires Back at Trump With New Tariffs on $60 Billion
The U.S.-China trade war deepened as Beijing announced retaliatory tariffs on $60 billion of U.S. goods and the Trump administration threatened duties on virtually all Chinese imports.
On Monday, President Donald Trump ordered his administration to levy 10 percent tariffs on about $200 billion in Chinese goods on Sept. 24 and to increase the rate in January to 25 percent if Beijing refuses to offer trade concessions. In retaliation, Beijing has announced plans to hit U.S. goods, ranging from wheat to textiles, with 5 percent to 10 percent tariffs.
Stocks shrugged off the latest ratcheting up of trade tensions, with the S&P 500 Index, Dow Jones Industrial Average and Nasdaq Composite Index all higher. The calm reaction has some investors saying the markets had already priced in 10 percent tariffs and that it could’ve been worse.
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