China says its retaliatory tariffs on U.S. goods 'took effect immediately'
President Trump imposed 25 percent tariffs on 800 Chinese products worth $34 billion Friday, and China took little time hitting back. "After the United States imposed unfair tariffs on Chinese goods, our tariffs on part of the U.S. products also took effect immediately," Chinese Foreign Ministry spokesman Hu Chunhua said Friday. China's Commerce Ministry accused Trump of launching "the biggest trade war in economic history" and said "China is forced to strike back to safeguard core national interests and the interests of its people." Beijing's retaliatory tariffs will affect 500 U.S. products, including soybeans, seafood, electric cars, and meat.
Economists say if the U.S. and China stop at $34 billion in tariffs, or even $50 billion, "the overall impact on both economies will be minimal even though some industries will suffer," CNNMoney says. But Trump threatened tariffs on up to $550 billion in Chinese goods Thursday — an amount "bigger than the $505 billion of goods that the United States imported from China last year," CNNMoney notes — and if he made good on his threat, the trade war would cause some serious damage to the U.S. and global economies.
China's state-run China Daily said in an editorial Friday that "the Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China," and "its unruliness looks set to have a profoundly damaging impact on the global economic landscape in the coming decades, unless countries stand together to oppose it."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Passenger: 'pleasingly off-kilter' ITV crime drama
The Week Recommends There's 'plenty to be feared' in this British murder mystery set in a quiet northern town
By Adrienne Wyper, The Week UK Published
-
Crossword: March 27, 2024
The Week's daily crossword
By The Week Staff Published
-
Sudoku hard: March 27, 2024
The Week's daily hard sudoku puzzle
By The Week Staff Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published
-
New York may seize Trump's assets for $450M penalty
Speed Read The former president likely owes $600 million from two civil judgments in New York
By Peter Weber, The Week US Published