China announces it will impose tariffs on $75 billion worth of U.S. imports in retaliation for duty hikes the U.S. pledged to slap on Chinese imports. The move comes just as Pres. Trump is preparing to meet world leaders to discuss the global economy.
Just as President Donald Trump was preparing to meet world leaders to discuss the global economy and his trade wars, China on Friday announced it would impose tariffs on $75 billion worth of U.S. imports in retaliation for duty hikes the United States pledged to slap on Chinese imports starting next month.
China said that it would impose its new penalties on two batches of goods, on Sep. 1 and Dec. 15, according to official Chinese news agency Xinhua. It said 5,078 American products would see duty hikes of 5 or 10%, and that on Dec. 15, it would hit"American-made vehicles and auto parts" with tariffs of 5 or 25%, according to Xinhua.
Those nations' leaders are scheduled to attend a meeting on the global economy on Sunday morning -- a session added at the last minute at the United States' request, according to a senior U.S. administration official. After Trump first said earlier this week he was considering a payroll tax cut, he reversed himself and nixed that idea the next day. He has also floated indexing and a capital gains tax cut.
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