Trump Imposed Tariffs on China Goods – Trade War in Full Swing
US President imposed tariffs on 1300 Chinese products. The 25 % tariff worth of $50 billion was agreed at the meeting with representatives of the US National Security Council, Treasury Department and top trade officials. It is known that the tariffs target the goods and technologies where China wants to establish itself as a leader. It was not unveiled when the taxes will enter into force.
China has already promised to respond with proportional duties on everything from American soya beans to airplanes.
Earlier Trump initiated the introduction of tariffs on steel and aluminum import from Europe and North America. In response the European Commission decided to impose mirror tariffs on American goods. The day before the EU members unanimously approved the decision. The tariffs will be imposed on roughly $3.3 billion worth of American goods and will go into effect in early July
Due to the tariffs the EU will send to budget €6.4 billion. The European Commission marked the new import taxes are in full compliance with the WTO rules. They said the US tariffs unilateral and illegal.