Donald Trump has threatened to impose tariffs worth hundreds of billions of dollars on Chinese imports to the US as a trade war between the world’s two largest economies began today.

US tariffs on $34 billion of Chinese goods have come into effect.

China retaliated by imposing a similar 25% tariff on 545 US products, also worth a total of $34 billion.

According to BBC News, the US President said America may target Chinese goods worth $500billion – the total value of Chinese imports in 2017.

Beijing accused the US of starting the “largest trade war in economic history” and has lodged a case with the World Trade Organization (WTO).

China’s decision to impose its own tariffs means US goods including cars, soya beans and lobsters are now subject to additional taxes.

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here