The Trump Administration hiked tariffs on $200 billion worth of imported Chinese goods from 10% to 25% on Friday morning.
So far, the Chinese government’s response has been only verbal in nature: “We hope the United States will meet us halfway, and work with us to resolve existing issues through cooperation and consultation,” said the Chinese Ministry of Commerce. The statement also claimed that the country would take “necessary countermeasures.”
Some analysts say the move will hurt US business as much as Chinese ones. As just one example, the American Apparel and Footwear Association argues that the new tariffs will raise the cost of clothing a family of four by $500 a year.
Trump’s Trade War Continues
Trump claims the move is a result of the Chinese withdrawing on commitments they had previously made during negotiations. The POTUS has been vindictive of China since taking office, calling their trade policies unfair.
While Trump said Thursday there’s still a chance for a deal to be reached, he also tweeted earlier in the week that he was prepared to impose tariffs on all Chinese goods entering the United States.