China has just announced its promised retaliatory action after President Trump's tariff hike.
China said on Monday it will raise tariffs from 10 percent to 25 percent on $60 billion of U.S. goods beginning on June 1, per CNBC. This comes after President Trump last week raised tariffs from 10 percent to 25 percent on $200 billion of Chinese goods.
China had previously vowed to respond as Trump also threatened to impose additional tariffs on $300 billion of Chinese goods. Trump, who said on Friday there is "absolutely no need to rush" on a trade deal with China, on Monday warned China against retaliation, tweeting that the situation "will only get worse!" Brendan Morrow
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.
-
Music reviews: Chance the Rapper, Cass McCombs, and Molly TuttleFeature "Star Line," "Interior Live Oak," and "So Long Little Miss Sunshine"
-
Film reviews: Eden and Honey Don't!Feature Seekers of a new utopia spiral into savagery and a queer private eye prowls a high-desert town
-
Critics' choice: Three chefs fulfilling their ambitionsFeature Kwame Onwuachi's grand second act, Travis Lett makes a comeback, and Jeff Watson's new Korean restaurant
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
