The Trump administration took the most significant steps to date Friday in a brewing trade war that businesses fear will wound the economy, push up consumer prices and spur job losses.
The Office of the United States Trade Representative officially imposed tariffs on $34 billion worth of Chinese goods and is considering another $16 billion within the next two weeks.
China warned that the new tariffs violate rules set by the World Trading Organization and said the actions "Launched the largest trade war in economic history to date."
Despite fears of a trade war, exports to China in May grew 7.6 percent to nearly $11 billion and imports grew 4.81 percent to almost $44 billion, according to data from the U.S. Census Bureau.
Outside of the financial impact, the Trump administration's trade agenda could have a reverberating effect on the upcoming 2018 midterm election.
Businesses have warned that the brewing trade war could have a drastic impact on U.S. growth and undermine benefits from the GOP-led tax law.
The Republican-friendly U.S. Chamber of Commerce on Monday launched an opposition campaign to the Trump trade agenda.
https://www.washingtonexaminer.com/business/trumps-trade-war-escalates-as-tariffs-slam-chinese-imports
The Office of the United States Trade Representative officially imposed tariffs on $34 billion worth of Chinese goods and is considering another $16 billion within the next two weeks.
China warned that the new tariffs violate rules set by the World Trading Organization and said the actions "Launched the largest trade war in economic history to date."
Despite fears of a trade war, exports to China in May grew 7.6 percent to nearly $11 billion and imports grew 4.81 percent to almost $44 billion, according to data from the U.S. Census Bureau.
Outside of the financial impact, the Trump administration's trade agenda could have a reverberating effect on the upcoming 2018 midterm election.
Businesses have warned that the brewing trade war could have a drastic impact on U.S. growth and undermine benefits from the GOP-led tax law.
The Republican-friendly U.S. Chamber of Commerce on Monday launched an opposition campaign to the Trump trade agenda.
https://www.washingtonexaminer.com/business/trumps-trade-war-escalates-as-tariffs-slam-chinese-imports
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