China Just Announced It's Imposing Tariffs On 128 Products From The US
China announced new tariffs on 128 products imported from the US in response to President Donald Trump's new taxes on steel and aluminum imported into the country.
On Sunday, China announced new tariffs on 128 products from the US, escalating fears of an all-out trade war.
China's finance ministry said in a statement that the country is imposing tariffs on 128 products imported from the US including pork, berries, almonds, and apples, effective Monday.
The new taxes are in response to heavy tariffs on steel and aluminum announced by President Donald Trump last month. The president said they were necessary to revive the US steel industry, despite significant blowback from Republican lawmakers.
On Wednesday, Trump also signed a separate package of tariffs targeting $50 billion worth of Chinese imports. The president said this was in response to unfair trade practices on China's part, including currency manipulation and theft of US intellectual property.
China's newly announced tariffs target about $3 billion in US goods, which is only a small amount of what is exported from the United States. In 2017, the US exported a total of $115.6 billion in goods to China, and China exported $505 billion in goods to the US, according to the Washington Post. Still, China could continue to add items to the list of 128.