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Trump Approves Tariffs On About $50 Billion Of Chinese Goods

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Trump Approves Tariffs On About $50 Billion Of Chinese Goods

Not a month after announcing a hold on the trade war, President Donald Trump approved Thursday night about $50 billion in tariffs on Chinese exports. The Administration is making amendments to an early list of about 1,300 targeted goods.

Trump is also completing a list for a second wave of potential tariffs worth about $100 billion.

Why It’s Important

The taxes are seen to heighten the probability of a trade war with China, which compound frosty U.S. relations with Canada, Mexico and the European Union that could altogether limit global expansion.

The Dow Jones Industrial Average and S&P 500 fell in futures trading on the news. iShares FTSE/Xinhua China 25 Index (ETF) (NYSE: FXI) saw a similar drop.

What’s Next

On Friday, Trump will release a list of the first class of products — primarily tech goods —to be hit with the tariffs. The duties will be implemented on July 6.

China vowed to hit the U.S. with tariffs of comparable value.

Related Links:

13 Stocks And ETFs To Watch Amid China's 25% Tariff Threat

China ETFs Dealing With Trade Tensions

Posted-In: Government News Regulations Futures Politics Global Markets General Best of Benzinga

 

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