Washington DC:The Trump administration slapped tariffs on roughly $110 billion in Chinese imports today, marking the latest escalation in a trade war that’s inflicting damage across the world economy. China retaliated.China and the United States began imposing additional tariffs on each other’s goods on Sunday, the latest escalation in a bruising trade war, despite signs that talks would resume some time this month.A new round of tariffs took effect from 0401 GMT, with Beijing’s levy of 5% on U.S. crude marking the first time the fuel has been targeted since the world’s two largest economies started their trade war more than a year ago.
“Thirteen per cent of the companies will be leaving China in the fairly near future. And I’m not surprised to hear that. I think it’s going to be much higher. Because they cannot compete with the tariffs. They can’t compete,” White house said in response to a question. A fresh set of tariffs are set to be imposed on Chinese products on September 1. “They’re on. We’ve taken in billions and billions of dollars from those tariffs. As it’s starting to come out, if you look at the Chinese government what they’ve done with tariffs is very interesting. They’ve devalued their currency so much, which hurts them ultimately. It costs them much more to buy things outside of China,” he said.