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China strikes back with new tariffs on U.S. goods

Video Credit: Reuters Studio - Duration: 01:03s - Published
China strikes back with new tariffs on U.S. goods

China strikes back with new tariffs on U.S. goods

China unveiled on Friday retaliatory tariffs against about $75 billion worth of U.S. goods, putting an additional 10% on top of existing rates in the latest tit-for-tat exchange in a protracted dispute between the world’s top two economies.

Havovi Cooper reports.

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EXISTING GRAPHICS MAY BE OVERWRITTEN BY CLIENT'S OWN GRAPHICS BUT NO FURTHER EDITS ARE PERMITTED, INCLUDING FOR LENGTH** China will impose tariffs on about $75 billion worth of U.S. goods.

Bejing announced the move Friday, slapping import tax of between five and ten percent on over 5,000 American products including agriculture and crude oil.

The move comes in retaliation after the U.S. last month announced tariffs of $300 billion of Chinese goods, including consumer electronics.

The tit-for-tat escalation in an ongoing trade war between the world's two largest economies has roiled financial markets.

And some investors fear that without a resolution the trade impasse could erode U.S. economic growth.

But U.S. President Donald Trump maintains that the American economy is strong, even as he's considering various tax cuts to boost consumer spending.




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