News

Economy & Business

China Announces Tariff Hike on $60 Billion of U.S. Goods

A crane unloads shipping containers at a port in Lianyungang, China, in 2014. (China Daily/via Reuters)

China retaliated on Monday against the Trump administration’s recent tariff hike on Chinese goods, saying it will raise tariffs on $60 billion worth of U.S. goods.

The new tariffs will range from 5 to 25 percent on hundreds of U.S. products like coffee, batteries, and spinach, according to the Chinese Finance Ministry.

The White House raised tariffs on $200 billion of Chinese imports from 10 to 25 percent on Friday after accusing the world’s second largest economy of reneging on terms for a trade deal they had previously agreed to. The U.S. also currently has a 25 percent tariff on $50 billion worth of Chinese high-tech products.

President Trump pushed back in a series of tweets Monday morning on a claim from his own top advisor that both the U.S. and China will suffer from their tit-for-tat trade battle.

“The unexpectedly good first quarter 3.2% GDP was greatly helped by Tariffs from China,” Trump wrote. “Some people just don’t get it!”

The president’s remark came after his top economic adviser, Larry Kudlow, said Sunday that “both sides will pay in these things.”

However, Kudlow added that China’s gross domestic product will be hit “with respect to a diminishing export market” and that “this is a risk we should and can take without damaging our economy in any appreciable way.”

“Their [sic] is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today,” he said, adding that businesses and consumers can completely avoid the tariffs by buying from a country that does not impose them, such as the U.S.

Trump also warned China not to continue retaliating as it will only hurt their economy.

“China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job),” he added. “Therefore, China should not retaliate-will only get worse!”

Most Popular

Film & TV

A Sad Finale

Spoilers Ahead. Look, I share David’s love of Game of Thrones. But I thought the finale was largely a bust, for failings David mostly acknowledges in passing (but does not allow to dampen his ardor). The problems with the finale were largely the problems of this entire season. Characters that had been ... Read More
Politics & Policy

The Great Misdirection

The House Democrats are frustrated, very frustrated. They’ve gotten themselves entangled in procedural disputes with the Trump administration that no one particularly cares about and that might be litigated for a very long time. A Washington Post report over the weekend spelled out how stymied Democrats ... Read More
NR Webathon

We’ve Had Bill Barr’s Back

One of the more dismaying features of the national political debate lately is how casually and cynically Attorney General Bill Barr has been smeared. He is routinely compared to Roy Cohn on a cable-TV program that prides itself on assembling the most thoughtful and plugged-in political analysts and ... Read More