US announces tariffs on $50 billion in China imports
WASHINGTON (AP) - The Trump administration is announcing a 25 percent tariff on $50 billion worth of Chinese imports, escalating a trade dispute between the world's two largest economies.
President Donald Trump has vowed to clamp down on what he calls China's unfair trade practices. China has said that it will retaliate with $50 billion in tariffs in response, rattling financial markets.
It comes in the aftermath of Trump's nuclear summit with North Korean leader Kim Jong Un and his push for China to maintain economic pressure on the North. Trump has already slapped tariffs on steel and aluminum imports from Canada, Mexico, Europe and Japan, drawing a rebuke from U.S. allies.
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