Associated Press

Trump Imposing Chinese Tariffs

25% Tax on $50 Billion in Goods

June 15, 2018 - 8:52 am

The Trump administration is announcing a 25 percent tariff on $50 billion worth of Chinese imports, escalating a trade dispute between the world's two largest economies.  President Donald Trump has vowed to clamp down on what he calls China's unfair trade practices. China has said that it will retaliate with $50 billion in tariffs in response, rattling financial markets.

It comes in the aftermath of Trump's nuclear summit with North Korean leader Kim Jong Un (kim jawng oon) and his push for China to maintain economic pressure on the North.  Trump has already slapped tariffs on steel and aluminum imports from Canada, Mexico, Europe and Japan, drawing a rebuke from U.S. allies.

China says it will retaliate against any move by the U.S. to impose punishing tariffs on tens of billions of dollars of Chinese goods.  Foreign Ministry spokesman Geng Shuang said Friday that China's response would be immediate and that Beijing would "take necessary measures to defend our legitimate rights and interests."

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