Trade war is on! Donald Trump fires $34 bn tariff gun at China
U.S. President Donald Trump is firing the biggest shot yet in the global trade war by imposing tariffs on $34 billion of Chinese imports, delivering on a promise to his political supporters that risks provoking retaliation and harming the world economy. The duties on Chinese goods will go forward just after midnight in Washington, Trump told reporters on Air Force One on his way to Montana on Thursday. That’s midday Friday in Beijing. Another $16 billion of goods could follow in two weeks, Trump said, before suggesting the final total could eventually reach $550 billion, a figure that exceeds all of China’s annual goods exports to the U.S. As of 12:01 a.m. Friday in Washington, U.S. customs officials are set to begin collecting 25 percent tariffs on Chinese imports of goods ranging from to farming plows to semiconductors and airplane parts. It’s the first time the U.S. has imposed tariffs directly aimed at Chinese goods following months in which Trump accused Beijing of stealing American intellectual property and unfairly swelling America’s trade deficit.