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The Trump administration unveiled a list overnight of approximately $50 billion in Chinese electronics, aerospace and machinery products it plans to hit with steep tariffs – the latest move in a deepening US-China trade conflict. It is likely to be met with retaliatory action from China, with fears it will further rattle stock markets and raise consumer prices in China and the United States.
The new 25 per cent import taxes would take effect in June and are designed to penalise China for discriminatory policies that the United States says puts its companies at a disadvantage in the Chinese market.
Trump suggested Tuesday that his tariffs are meant to pressure Beijing to come to the table and make concessions. "We'll be working with China, we'll be negotiating with China... We intend to get along with China, but we have to do something very substantial," he said.