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Trade war: Round 2

  • The US will impose a 25% tariff on $16 billion worth of Chinese goods starting August 23.
  • The tariff will mostly apply to industrial equipment, like tractors and chemicals.
  • In response, the Chinese government also announced a 25% tariff on $16 billion worth of US goods that will go into effect the same day.
  • The move is the latest escalation of the trade war between President Donald Trump and China.

The US and China rolled out a new wave of tariffs as the trade war between the two countries rolls on.

The US will impose a 25% tariff on another $16 billion worth of Chinese goods starting August 23, US Trade Representative Robert Lighthizer announced Tuesday .

The new set of measures are the second tranche of tariffs that President Donald Trump originally announced in March, following an initial round of tariffs on $34 billion worth of Chinese imports that went into effect in early July. It represents the latest salvo in the ever-expanding trade war between the US and China.

Read more on Business Insider.

Source: Business Insider
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