US-China Trade War Begins
U.S. tariffs on thirty four billion dollars worth of Chinese goods went into effect on Friday, igniting the “largest trade war in economic history,” according to Chinese officials.
The 25 percent tariff applies to products like airplane parts and water boilers. China retaliated by levying a similar 25 percent tariff on US products, worth a total of thirty four billion dollars as well.
China said the trade war will “hamper global economic recovery” and will not serve the interests of U.S. companies. The White House has said trade with China has been unfair for a long time. The tariffs are meant to prevent unfair transfers of American technology and intellectual property to China and will protect American jobs, according to the Trump administration.