US Tariffs Take Effect, China Announces Retaliation

KRVN 880 Rural Radio:

The United States hiked tariffs on Chinese imports Friday and Beijing announced it was retaliating against American goods in a technology dispute between the world’s two biggest economies that President Donald Trump says he is prepared to escalate.

Washington imposed 25 percent tariffs on $34 billion worth of Chinese imports, a first step in what could become an accelerating series of tariffs.

Retaliatory measures “took effect immediately,” said a Chinese foreign ministry spokesman, Lu Kang. Hu gave no details, but the Communist Party newspaper People’s Daily said the customs agency was carrying out a plan announced last month to impose 25 percent tariffs on a $34 billion list of American goods including soybeans, pork and electric cars.