Trump threatens tariffs on $200B more of Chinese goods as Dow reverses 2018 gains

President Donald Trump's administration will impose tariffs on $200 billion worth of Chinese goods in response to retaliatory tariffs from China, according to CNN.

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.

More articles on business:

Amazon's Alexa is coming to Marriott hotel rooms
American Airlines says it didn't rig airfares, settles suit for $45M
Apple partners with Oprah Winfrey for original programs

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months