Beijing had previously pledged to take 'necessary countermeasures' but had not made a move to do so until today's announcement that they would raise tariffs on $60 billion in U.S. goods
China is readying to fire the next salvo in the escalating trade conflict with the United States, announcing on Monday it will raise tariffs on $60 billion in U.S. goods at the start of next month.
Beijing had previously pledged to take "necessary countermeasures" but had not made a move to do so until Monday's announcement. I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!The two sides have been hurtling toward an increase in tensions since Beijing earlier this month "reneged" on a number of commitments it had previously agreed to in negotiations, according to U.S.
Tariffs already taking effect on billions in Chinese goods are rattling the markets and forcing companies to start paying more for their imports. The Dow Jones Industrial Average had dropped nearly 400 points by the time markets opened on Monday morning, only to tumble another 200-plus points in the first hour of trading.The drop reflects some of the concern American companies are feeling about the prospect of prolonged trade tensions and higher tariffs.
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