Food, Chemical Products Amid Latest Chinese Retaliatory Tariffs on US
Tackling trade talks remains difficult for the U.S. and China as more of President Donald Trump's tariffs go into effect today, placing a 10% tax on $200 billion of Chinese products such as furniture and appliances. According to CNBC, the tariff is expected to increase to 25% by the end of the year. This latest imposition was met with retaliation by Chinese President Xi Jinping, who said China plans to implement taxes on about $60 billion worth of U.S. imports.The back-and-forth debacle between the world's two largest economies has been ongoing since July when Trump put tariffs on $34 billion worth of Chinese goods, mainly industrial parts. On Sept. 24, CNBC reported that Beijing denied the U.S. president's invitation to Washington, DC to discuss trade practices. Xi Jinpings' recent tariffs announcement would put taxes on more than 5,200 imports, including a 10% levy on liquefied natural gas, coffee and several edible oils as well as a 5% levy on frozen vegetables, cocoa powder and chemical products.