China retaliates against US tariffs, escalates trade war
BEIJING - China on Wednesday announced tariffs on U.S. products worth $50 billion, retaliating against American tariffs on Chinese high-tech goods and sharply escalating a trade war that could damage the global economy.
The Tariff Commission of China's powerful State Council plans to impose a 25 percent tariff on 106 U.S. products including soybeans, cars and chemicals, according to an announcement by China's state broadcaster, CCTV. Beijing will also target U.S. corn, cotton, beef, orange juice, whiskey, tobacco, and several lubricants and plastic products. The broadcaster did not announce a timeline for implementation.
The move marks a proportional - yet still dramatic - retaliation against the announcement by the Trump administration on Tuesday of the list of more than
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