Economics
Trade War's Battle Lines Drawn as U.S., China Set Tariff Lists
- Planned U.S. levies on Chinese goods prompt swift retaliation
- Move will help U.S. achieve more balanced trade, Trump says
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The U.S. and China moved to the brink of a trade war on Friday after the Trump administration announced tariffs on Chinese imports would take effect in three weeks and pledged additional investment restrictions, prompting an immediate vow of retaliation from Beijing.
The world’s No. 2 economy will impose tariffs with the “same scale and intensity” on imports from the U.S., and all of China’s earlier trade commitments are now off the table, according to government statements. U.S. goods slated for levies include farm products such as soybeans, a potential blow to rural states that backed President Donald Trump’s election in 2016.