News

New tariffs go into effect

As expected, the United States and China imposed new tariffs on each other’s goods today, ratcheting up the trade war between the two countries.

The U.S. imposed ten percent tariffs on 200 billion dollars worth of Chinese goods, which was immediately met with 60 billion in tariffs on U.S. goods by China. U.S. exports like salted beef, pig casings, frozen peas and canned spinach will now face five or ten percent duties. Virtually every U.S. food and agriculture product is now subject to Chinese tariffs.

Soon after the new duties went into effect, China accused the U.S. of engaging in “trade bullyism”, but added it is willing to restart trade negotiations with the U.S. if the talks are “based on mutual respect and equality”.