U.S. tariffs on $34 billion worth of Chinese goods kicked in today (June 6), escalating a war of words between the world’s two largest economies into a full-blown trade conflict.
As reported by CNBC, Washington’s 25% 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 implemented retaliatory tariffs on its $34 billion list of goods issued last month, including soybeans, pork and electric vehicles. Beijing called it the “biggest trade war in economic history.”
It’s unlikely to stop there. In fact, there will be probably be “escalation upon escalation,” warned Geoff Raby, Australia’s former ambassador to China.
Ahead of today’s implementation of American and Chinese tariffs, Raby told CNBC that “it looks like the first shots to the trade war are about to be fired.”
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