The government of China has reciprocated to the new tariffs that were imposed by the Trump administration, and has assessed its own set of tariffs that target American soybeans, cars, and other exported goods, The Hill reported.
According to an article in The Washington Post, Beijing announced a plan on Wednesday to implement 25 percent tariffs on imports of U.S. soybeans, airplanes, and automobiles in a package that totals about $50 billion of U.S. goods.
The article further says that South Korea’s main stock exchange slid more than 1 percent on the news, while European markets also opened lower as a result of the announcement.
The announcement comes just a day after the White House announced a similar $50 billion tariff package targeting China over what it says are unfair trade practices, with 25 percent tariffs being leveled on imports of Chinese electronics, shoes, furniture, and other goods.
China on Sunday announced another tariff package targeting U.S. pork and fruit in response to President Trump’s decision to raise duties on imported steel and aluminum.
Some U.S. lawmakers have warned that Trump’s actions targeting China and other countries in recent weeks could spark a global trade war. Business groups also warned this week that escalating protectionist trade policies could have an adverse effect on consumers.
“While we are pleased that many everyday products such as clothing and shoes are not on the list, we remain concerned that other goods such as consumer electronics and home appliances are targets,” National Retail Federation President and CEO Matthew Shay said on Tuesday.
Trump has so far dismissed these concerns, tweeting that a trade war would be “easy to win” for the United States.
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