China Escalates Trade War With New Tariffs On $75 Billion Of U.S. Goods

Shanghai's Yangshan Deepwater Port As China Acts to Limit Yuan Plunge

The Chinese government is not backing down in the ongoing trade war with the United States, announcing $75 billion in tariffs on American goods. The new 10% tariffs will target over 5,000 products, including pork, beef, chicken, whiskey, coffee, and crude oil. The tariffs on soybean imports will be raised to 30%, which is a five percent increase from the current rate. The new tariffs will go into effect on September 1.

China's Finance Ministry also announced that they would resume 25% tariffs on automobile imports on December 15. Some imported vehicles will be levied with an additional ten percent tariff, bringing the total duty levied to 50%.

President Trump responded to the new tariffs on Twitter, saying the United States does not need China.

"We don't need China and, frankly, would be far better off without them," he tweeted. "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA."

Photo: Getty Images

Sponsored Content

Sponsored Content