Economics

China Strikes $60 Billion of U.S. Goods in Growing Trade War

U.S. to impose 10% duty on Sept. 24, rising to 25% next year
China will impose countertariffs immediately in 5-10% range

Nouriel Roubini, chairman at Roubini Macro Associates, discusses China’s ability to retaliate to the U.S.Source: Bloomberg)

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By Enda Curran, Andrew Mayeda, and Jenny Leonard

September 17, 2018 at 10:39 PM UTC

Updated on

September 18, 2018 at 3:01 PM UTC

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China announced it will take retaliatory tariff action against $60 billion of U.S. goods, sharply escalating their trade conflict as the Trump administration considers imposing duties on almost all Chinese imports.

China’s retaliatory tariffs, on items ranging from meat to wheat and textiles, will take effect on Sept. 24, China’s Ministry of Finance in a statement posted on its website. Beijing is still ready to negotiate an end to the trade tensions with the U.S., the ministry said.