(WASHINGTON — A trade war between the world’s two largest economies officially began on Friday morning as the Trump administration followed through with its threat to impose tariffs on $34 billion worth of Chinese products, a significant escalation of a fight that could hurt companies and consumers in both the United States and China.
The penalties, which went into effect at 12:01 a.m., will undoubtedly prompt quick retaliation by Beijing. Chinese officials immediately said they would be forced to retaliate, but their statement did not provide specifics. Previously, the Chinese government has said it will tax an equal amount of American exports, including pork, soybeans and automobiles.) NYT
The penalties, which went into effect at 12:01 a.m., will undoubtedly prompt quick retaliation by Beijing. Chinese officials immediately said they would be forced to retaliate, but their statement did not provide specifics. Previously, the Chinese government has said it will tax an equal amount of American exports, including pork, soybeans and automobiles.) NYT
