The trade and tariff wars continue between the U.S. and China, this time with China threatening new tariffs. China announced Aug. 3 it will impose a retaliatory tariff on $60 billion worth of U.S. goods, according to a recent Reuters article.
The tariffs will affect liquefied natural gas (LNG) and select aircraft, with China threatening to add other goods, and warning it will not hold back in the trade war with the U.S. The tariffs will range between 5% and 25%. The timing of these tariffs is dependent on U.S. actions, the Chinese Commerce Ministry said in a statement.
Just this week, the Trump administration built up pressure for trade concessions from Beijing with its proposal of a 25% higher tariff on $200 billion worth of Chinese imports. Due to this threat, China promised retaliation—unless the U.S. acts less rashly and seeks to resolve these disputes. Since the U.S. did not back down, tariffs will begin to rise in both the U.S. and China.
—Christie Citranglo, editorial associate