US president Donald Trump has directed aides to proceed with tariffs on about another $200 billion of Chinese goods, despite Treasury Secretary Steven Mnuchin’s attempts to restart trade talks with China, a source familiar with the matter said on Friday.
China on Monday promised retaliation if US President Donald Trump escalates their tariff battle, raising the risk Beijing might target operations of American companies as it runs out of imports for penalties.
Turkey said Wednesday it is increasing tariffs on imports of certain US products, including rice, cars, alcohol and coal as a bitter dispute between the two allies that sent the Turkish lira into freefall showed no sign of ending.
Indications are growing that Chinese companies are scrapping plans to purchase oil from the United States and are instead turning to Iran for imports in what appears to be a result of escalating trade tariff war between Beijing and Washington.
China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.
US President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and China warned it would retaliate, in a rapid escalation of the trade conflict between the world's two biggest economies.
The Trump administration has been given the green light to take tough action against imports of aluminum and steel as part of a national security crackdown likely to provoke an angry response from China, the EU and other trading partners around the world.
Iran's steelmakers are calling on the government to raise import tariffs on certain steel products amid a 'crisis' in the industry due to a number of factors, including dumping by China and other exporters.