Trump Admin. To Slap Tariffs On $50B In Chinese Imports

China's President Xi Jinping (L) and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. / AFP PHOTO / FRED DUFOUR (Photo credit should read FRE... China's President Xi Jinping (L) and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. / AFP PHOTO / FRED DUFOUR (Photo credit should read FRED DUFOUR/AFP/Getty Images) MORE LESS
Start your day with TPM.
Sign up for the Morning Memo newsletter

The Trump administration is announcing a 25 percent tariff on $50 billion 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. China has said that it will retaliate with $50 billion in tariffs in response, rattling financial markets.

It comes in the aftermath of Trump’s nuclear summit with North Korean leader Kim Jong Un (kim jawng oon) 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 says 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 spokesman Geng Shuang said Friday that China’s response would be immediate and that 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.

Trump reportedly met Thursday with several Cabinet members and trade advisers and was expected to impose tariffs on at least $35 billion to $40 billion of Chinese imports.

Latest News

Notable Replies

  1. Avatar for paulw paulw says:

    I’m sure that the US producers affected by chinese tariffs will find ready markets in other parts of the world who are still staunch friends of the US. Oh, wait.

  2. Avatar for tao tao says:

    The Trumpski s*hithole and its plumber:

  3. announcing it does not mean it will happen. he’s taken it all back before. and one thing that won’t face tariffs is a certain un-inspired clothing line.

Continue the discussion at forums.talkingpointsmemo.com

Participants

Avatar for system1 Avatar for paulw Avatar for tao Avatar for rascal_crone

Continue Discussion
Masthead Masthead
Founder & Editor-in-Chief:
Executive Editor:
Managing Editor:
Deputy Editor:
Editor at Large:
General Counsel:
Publisher:
Head of Product:
Director of Technology:
Associate Publisher:
Front End Developer:
Senior Designer: