Just days after they appeared to be on the verge of brokering a deal, the United States and China are fighting a trade war again. The Trump administration made good on its threat to raise tariffs on $200 billion worth of Chinese exports from 10% to 25% earlier on Friday, marking a sharp escalation in tension between the world's two largest economies.
After months of talks aimed at ending a year-long dispute that has already hurt global growth and rattled stock markets around the world, the latest US salvo risks triggering a new wave of tit-for-tat responses. Beijing on Friday expressed "deep regret" at the latest US move, and reiterated that it would "have to take necessary countermeasures." It did not specify what they would be or when they would be imposed. What happens next could have enormous implications for businesses, consumers and investors.
After months of talks aimed at ending a year-long dispute that has already hurt global growth and rattled stock markets around the world, the latest US salvo risks triggering a new wave of tit-for-tat responses. Beijing on Friday expressed "deep regret" at the latest US move, and reiterated that it would "have to take necessary countermeasures." It did not specify what they would be or when they would be imposed. What happens next could have enormous implications for businesses, consumers and investors.
