Trump says U.S. tariffs could be applied to Chinese goods worth $500 billion

(Worthy News) – President Donald Trump said on Thursday the United States may ultimately impose tariffs on more than a half-trillion dollars’ worth of Chinese goods as the world’s two largest economies hurtled toward the start of a trade war.

Trump confirmed that the United States would begin collecting tariffs on $34 billion in Chinese goods at 12:01 a.m. Washington D.C. time (0401 GMT) on Friday and warned that subsequent rounds could see tariffs on more than $500 billion of goods, or roughly the total amount that the United States imported from China last year.

“You have another 16 (billion dollars) in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. Ok? So we have 50 plus 200 plus almost 300,” Trump told reporters aboard Air Force One. [ Source: Reuters (Read More…) ]

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Trump launches the opening salvo in US trade war with China as tariffs take effect

(Worthy News) – The U.S. tariffs on $34 billion worth of Chinese goods kicked in on Friday, taking the war of words between the nations into the real economic realm.

In response, China implemented retaliatory tariffs on some imports from the U.S., said its foreign ministry, according to a Reuters report.

It’s unlikely to stop there, according to experts. In fact, there will be probably be “escalation upon escalation,” warned Geoff Raby, Australia’s former ambassador to China. [ Source: CNBC (Read More…) ]

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