Trade War Talk Heats Up as Trump Officially Hits China With Tariffs
*By Alisha Haridasani*
Chinese officials accused the U.S. of plunging the countries with the world's two largest economies into a trade war Friday and said they'd retaliate immediately after President Donald Trump announced tariffs on Chinese exports.
The U.S. will levy a 25 percent tax on $50 billion of Chinese exports for “theft of intellectual property and technology and its other unfair trade practices,” the president said in a statement. “The United States will pursue additional tariffs if China engages in retaliatory measures.”
China, however, wasn’t deterred by the threat, promising to hit back in equal measure.
Major U.S. indices opened down on the news, with the Dow Jones tumbling nearly 300 points in early trade.
Trump decided to impose tariffs, which were initially announced in March, despite months of negotiations between the two countries. The White House has often flip flopped from tough rhetoric to declaring the trade spat [“on hold”](https://cheddar.com/videos/markets-rally-as-u-s-china-trade-war-cools). The administration even offered to save Chinese electronics company ZTE from the brink of collapse.
This round of tariffs comes on the heels of Trump’s decision to tax steel and aluminum imports coming in from the European Union, Canada, and Mexico. At the G7 summit in Canada last week, the president further antagonized U.S. allies by refusing to sign a joint statement on shared economic goals.
A $1 billion loss from a six-week strike did not crash GM's net income last year, which instead rose 12% — and the automaker expects improvement in 2024, too.
Accrue CEO and founder Michael Hershfield explains why Americans' credit card delinquencies are on the rise, advice on what can help, and the key difference between Boomers and Gen Z when it comes to money.
Senior Economist at Morning Consult Kayla Bruun shares thoughts on what to expect from the Fed's January meeting and where monetary policy is headed, as well as how consumers are faring.
Former Medtronic CEO and author of 'True North' Bill George explains the steps Boeing leadership must take to regain client and consumer trust after 737 Max 9 production was stopped.
Amazon blamed "regulatory hurdles" for calling off its proposed acquisition of robot vacuum maker iRobot. Not even a Roomba could clean up the deal's antitrust scrutiny.
To celebrate Flutter Entertainment's debut on the NYSE, FanDuel CEO Amy Howe shares her thoughts on the company's plans for growth, the future of online sportsbetting, and Super Bowl Sunday.
Investopedia's Caleb Silver shares thoughts on the upcoming Fed meeting, why individual investors are still slightly skeptical, and what he's looking for from mega cap tech earnings.
Season's greetings! Tax season, that is. January 29 is the first day you can file your tax return. We walk you through each step — plus a checklist you can download.
The Q-Collar helps protect athletes from impact-related concussions. Now, the U.S. Army is evaluating if the device could help reduce traumatic brain injury cased by blast weapons.
