China strikes back at Trump tariffs with 15% levies targeting US farmers
WASHINGTON (AP) — China retaliated against President Donald Trump’s tariffs with an additional 15% tax on key American farm products, including chicken, pork, soybeans and beef.
The escalating trade tensions punished U.S. markets Monday as investors fearful of the damage from from Trump’s trade wars put their money elsewhere.
The Chinese tariffs, announced last week, were a response to Trump’s decision to double the levy on Chinese imports to 20% on March 4. China’s Commerce Ministry had earlier said that goods already in transit would be exempt from the retaliatory tariffs until April 12.
Imposing tariffs on imports is a key part of Trump’s agenda. He believes the import taxes can raise money for the Treasury, protect American industries and pressure foreign countries to do what he wants in a range of issues, including immigration and drug trafficking.
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1 month ago
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