U.S.-China trade war escalates as latest tariffs kick in

August 23, 2018

The United States and China — the world's two largest economies — are escalating their trade war by implementing 25 per cent tariffs on $16 billion US worth of each other's goods, even as mid-level officials from both sides resumed talks in Washington.

The world's two largest economies have now slapped tit-for-tat tariffs on a combined $100 billion in products since early July, with more in the pipeline, adding to risks to global economic growth.

China's Commerce Ministry said Washington was "remaining obstinate" by implementing the latest tariffs, which kicked in on both sides as scheduled at 12:01 p.m. in Beijing.

"China resolutely opposes this, and will continue to take necessary countermeasures," it said in a brief statement, adding that Beijing will file a complaint over the latest tariffs with the World Trade Organization (WTO)...

This has been excerpted from the 23 August 2018 edition of CBC News.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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