China strikes back with new tariffs on U.S. goods

Credit: Reuters Studio
Published on August 23, 2019 - Duration: 01:03s

China strikes back with new tariffs on U.S. goods

China unveiled on Friday retaliatory tariffs against about $75 billion worth of U.S. goods, putting an additional 10% on top of existing rates in the latest tit-for-tat exchange in a protracted dispute between the worldโ€™s top two economies.

Havovi Cooper reports.

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China strikes back with new tariffs on U.S. goods

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Bejing announced the move Friday, slapping import tax of between five and ten percent on over 5,000 American products including agriculture and crude oil.

The move comes in retaliation after the U.S. last month announced tariffs of $300 billion of Chinese goods, including consumer electronics.

The tit-for-tat escalation in an ongoing trade war between the world's two largest economies has roiled financial markets.

And some investors fear that without a resolution the trade impasse could erode U.S. economic growth.

But U.S. President Donald Trump maintains that the American economy is strong, even as he's considering various tax cuts to boost consumer spending.

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