Trade War begins: US and China exchange $34 billion in tariffs
President Trump’s tariffs on $34 billion worth of Chinese goods kick in, escalating a war of words between the world’s two largest economies into a full-blown trade conflict.
Washington’s 25 percent duties went into effect at midnight EDT and affected products such as water boilers, X-ray machine components, airplane tires and various other industrial parts.
China immediately retaliates with tariffs on its $34 billion list of goods issued last month, including soybeans, pork and electric vehicles.
Beijing calls it the “biggest trade war in economic history.”