By Nick Baum
FRIDAY – 4/6/18
President Donald Trump has announced a new tariff plan that adds up to a $100 billion dollars for the US. Trump called for this plan just hours after China announced their own tariff plan on U.S. machinery and goods.
The plan itself will tax many Chinese goods imported to the U.S, and to many, has really sparked a trade war between China and America. After Trump announced his new tariff plan, the Dow Jones Industrial Average fell 0.8%, not as bad as when President Trump announced his initial tariffs on steel and aluminum.
The back to back tariffs has not only signaled a trade war, but could even be more consequential, as the tariffs are being placed back and forth on the world’s two largest economies. There is still no information on how China will respond to these tariffs.
Sources: CNN Money, Reuters