China is to slap tariffs on an additional $60bn (£46bn) of imports from the US in retaliation against $200bn of new trade sanctions on Chinese goods announced by Donald Trump.
The latest moves represent a new step towards a full-scale trade war between the world’s two biggest economies. Further escalation is deemed likely because Trump is facing low approval ratings ahead of the US midterm elections in November, while China will not want to be seen to back down.
Trump announced his latest escalation of the bitter trade standoff late on Monday, promising to introduce the additional border taxes of 10% on Chinese goods from next week.
Via The Guardian