By Nick Baum
MONDAY – 4/2/18
China has implemented new tariffs on United States trade as a response to planned tariffs by President Trump on steel and aluminum. In his speech regarding his tariffs in Pittsburgh, Trump made emphasis on Chinese trade and on how tariffs are needed.
The tariffs themselves, being on steel and aluminum, drove China to do the same in different industries. As a response, China has added a 25% tax on pork along with eight other types of meat from the US, and a 15% tax on fruit imported from the US, along with eighty other commodities.
China’s followed promise also means that other countries might follow through with their tariffs, as the European Union earlier this March planned to add tariffs of their own. The amount of tariffs implemented is estimated to cost the US up to 3 billion dollars, and can damage many farmers’ jobs.
Sources: Wall Street Journal, NBC News