Trump orders huge tariffs on China
WASHINGTON (AP) - President Donald Trump's announcement that he's moving to impose steel tariffs of up to $60 billion worth of Chinese imports is rattling financial markets and touching off a fresh economic debate.
The U.S. Chamber of Commerce says "imposing taxes on American consumers and job creators in the form of new tariffs" is not the way to achieve fairness in the U.S. trade relationship with China.
But some labor unions are applauding the move. The United Steelworkers union says Trump is taking a "balanced approach" by pushing the tariffs, investment restrictions on China and a case with the World Trade Organization.
The Dow Jones Industrial Average fell sharply on the news that Trump was planning to confront China but regained some of its earlier losses in afternoon trading.