China fires back, announcing tariffs on US planes, cars and soybeans
(CNN): The Chinese Ministry of Commerce on Wednesday said it plans to impose a 25% tariff on $50 billion worth of US exports. The 106 affected products will also include soybeans and chemicals.
China’s announcement is a direct response to the Trump administration’s publication Tuesday of a list of about 1,300 Chinese exports — also worth about $50 billion annually — that it intends to target with 25% tariffs.
The quick-fire exchange of threats is intensifying fears of a full-blown trade war between the world’s two largest economies. Markets dipped sharply as news of China’s plans emerged.
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Experts said Beijing’s latest announcement could be an effort to push the United States into negotiating a deal to defuse the trade spat.
“The true purpose is not to escalate it to a trade war, but to demonstrate no weakness,” said Aidan Yao, an economist at fund management firm Axa Investment Managers.