China slaps U.S. with 25% retaliatory tariff on $16 billion worth of goods
The U.S.-China trade war continued to escalate Wednesday, when the Chinese government announced it will slap a 25 percent retaliatory tariff on $16 billion worth of U.S. imports, CNBC reported.
The Asian economic powerhouse will add the tariffs on U.S. imports to measure the same tax placed on their exports, CNBC said.
The U.S. announced its additional tariffs Tuesday. The $16 billion taxed in the latest round brings the total amount of Chinese goods taxed up to $50 billion.
Both sets of tariffs will go into effect at midnight Aug. 23.
On Aug 4, President Trump touted his hard-line tariff war with China. He defended his tariff strategy as a key tool to negotiate fair trade relationships with other countries.
....Tariffs will make our country much richer than it is today. Only fools would disagree. We are using them to negotiate fair trade deals and, if countries are still unwilling to negotiate, they will pay us vast sums of money in the form of Tariffs. We win either way...... Donald J. Trump (@realDonaldTrump) August 4, 2018
....China, which is for the first time doing poorly against us, is spending a fortune on ads and P.R. trying to convince and scare our politicians to fight me on Tariffs- because they are really hurting their economy. Likewise other countries. We are Winning, but must be strong! Donald J. Trump (@realDonaldTrump) August 4, 2018