Widgetized Section

Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone

Trump administration slaps tariffs on $50B US in China imports

The Trump administration is announcing a 25 per cent tariff on $ 50 billion US worth of Chinese imports, escalating a trade dispute between the world’s two largest economies.

President Donald Trump has vowed to clamp down on what he calls China’s unfair trade practices.

It comes in the aftermath of Trump’s nuclear summit with North Korean leader Kim Jong-un and his push for China to maintain economic pressure on the North.

Trump has already slapped tariffs on steel and aluminum imports from Canada, Mexico, Europe and Japan, drawing a rebuke from U.S. allies.

China has said it will retaliate against any move by the U.S. to impose punishing tariffs on tens of billions of dollars of Chinese goods.

Foreign Ministry spokesperson Geng Shuang said Friday that China’s response would be immediate and Beijing would “take necessary measures to defend our legitimate rights and interests.”

Geng gave no details, but said both the Foreign and Commerce ministries had made formal responses to earlier U.S. statements.

Beijing has also drawn up a list of $ 50 billion in U.S. products that would face retaliatory tariffs, including beef and soybeans — a shot at Trump’s supporters in rural America.


CBC | Business News