China fires back again in a trade skirmish with the U.S.
On Wednesday, China announced $50 billion in tariffs on 106 U.S. products.
Most of them are agricultural products, including pork, soybeans, cotton, and wheat.
The tariff may make it difficult for Republicans to remain in control of Congress after midterm elections this fall, as some of the products are primarily produced in states where Republicans hold House seats.
The move came after the Trump administration imposed a 25% tariff on about 1,300 products from China, such as flat-screen televisions, medical devices, aircraft parts, and batteries, on Tuesday.
The tit-for-tat trade skirmish started when the U.S. began to tax metals from China and other countries in March.
The total trade between China and the U.S. currently amounts to $650 billion a year.
What will happen next? So far, neither side has shown any sign of backing down.
And China’s ambassador to the United States, Cui Tiankai, has promised to match any U.S. tariff with a retaliation equal in both “scale” and “intensity.”
