China Retaliates Against Trump, Imposing Tariffs and Blacklisting U.S. Companies

In a tit-for-tat move, China has retaliated against the United States by imposing tariffs on American goods and blacklisting several U.S. companies. This latest escalation in the ongoing trade war between the two economic giants comes after President Donald Trump announced new tariffs on Chinese imports earlier this week.

China’s Ministry of Commerce announced on Friday that it would impose tariffs on $75 billion worth of U.S. goods, including soybeans, cars, and oil. The tariffs, which will range from 5% to 10%, are set to go into effect on September 1 and December 15, in line with the timing of the new U.S. tariffs on Chinese goods.

In addition to the tariffs, China also announced that it would blacklist several U.S. companies, including FedEx and Cisco. This move is seen as a retaliation against the U.S. blacklisting of Chinese telecommunications giant Huawei earlier this year.

The escalating trade tensions between the two countries have rattled global markets and raised concerns about the impact on the global economy. The International Monetary Fund has warned that the trade war could shave 0.8% off global GDP growth by 2020.

The latest round of tariffs and blacklisting by China is likely to further strain relations between the two countries, which have already been tense due to issues such as human rights abuses in Xinjiang and Hong Kong, as well as tensions over Taiwan and the South China Sea.

President Trump has responded to China’s latest moves by threatening to further increase tariffs on Chinese goods and calling on U.S. companies to find alternatives to doing business with China. However, many U.S. businesses are concerned about the impact of the trade war on their bottom line and are calling for a peaceful resolution to the dispute.

As the trade war between the U.S. and China shows no signs of abating, the global economy is bracing for further disruptions and uncertainties. Both countries have a lot at stake in finding a resolution to the trade war, and the world will be watching closely to see how the situation unfolds in the coming weeks and months.