Qilai Shen | Bloomberg | Getty Images
President Donald Trump, right, and Xi Jinping, China’s president, greet attendees waving American and Chinese national flags during a welcome ceremony outside the Great Hall of the People in Beijing, China, on Thursday, Nov. 9, 2017.
The latest round of tariffs targeting U.S. and Chinese goods went into effect Monday, raising the stakes in an escalating trade war between the world’s two largest economies.
Donald Trump’s administration levied tariffs of 10 percent on $200 billion of Chinese products that include furniture and appliances, with the rate set to increase to 25 percent by the end of the year. It is Washington’s third tranche of China-focused levies and part of a strategy to pressure Beijing into changing trade practices that Trump has claimed hurt American companies.
In response to the new round of U.S. tariffs, Chinese President Xi Jinping’s government said it would impose taxes on 5,207 U.S. imports worth about $60 billion. Products such as liquefied natural gas, coffee and various types of edible oil will see a 10 percent levy while a 5 percent tax will be imposed on items such as frozen vegetables, cocoa powder and chemical products, Beijing said.
The U.S. and China have already applied tariffs to $50 billion of each other’s goods — moves that threaten to derail global supply chains.
Since Trump’s first round of duties were imposed in July, Beijing has retaliated with defiant countermeasures of its own. The Chinese finance ministry has described Trump’s policies as “unilateralism and trade protectionism,” while state-controlled media insist that Beijing will benefit from the spat.
U.S. Secretary of State Mike Pompeo told Fox News Sunday that his government was “determined” to win the trade war.
Many now expect the White House to go ahead with a fourth round of tariffs.
When Trump announced news of Monday’s tariffs last week, he said any retaliatory action from China would prompt Washington to “immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.”
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