Concerns of a looming trade war increased on Tuesday with President Donald Trump’s announcement of a 25 percent tariff on about $16 billion in imported Chinese goods.
The latest round of tariffs will impact 279 products as of August 23, as reported by CNN.
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This move comes just weeks after Trump imposed 25 percent tariffs on a total of $34 billion in products from China as part of his administration’s effort to balance America’s trade deficit.
Trade negotiations have thus far failed to advance toward the president’s stated goal of reducing all global tariffs to zero.
The administration has previously indicated a total of $200 billion in Chinese goods could potentially be hit with the 25 percent tariff.