President Trump announced June 15 he would impose a 25 percent tariff on $50 billion of Chinese imports, and China responded almost immediately by planning tariffs on $50 billion worth of U.S. goods, claiming the U.S. had launched a trade war.
After China’s announcement, President Trump directed trade officials to identify an additional $200 billion of Chinese imports for 10 percent tariffs.
“Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States,” President Trump said after announcing the latest tariffs, according to CNN.
Intimations of a trade war rattled Wall Street, as the Dow Jones Industrial Average fell 343.64 points; the S&P 500 was down 20.16 points; and the Nasdaq Composite was down 65.11 points, according to Reuters.
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