US-China Trade War Begins in Earnest, Could Last Years
At midnight, 25 percent U.S. tariffs on more than 800 Chinese products went into effect, as did China’s corresponding duties on 545 American-made goods. Rather than backing away from what’s now considered a full-blown trade war, President Donald Trump threatened to target all Chinese imports, amounting to $500 billion worth of products per year. Meanwhile, retaliatory tariffs from China and the EU are directly targeting industries that support Trump, like farming, which could dampen enthusiasm for his trade policy in the heartland as midterm elections approach.
