The stock market fell more than 700 points today as Donald Trump announced new tariffs against China. CNN reports:
“Trump on Thursday directed the US trade representative to level tariffs on about $50 billion worth of Chinese imports following a seven-month investigation into the intellectual property theft, which has been a longstanding point of contention in US-China trade relations. In addition to the tariffs, the US also plans to impose new investment restrictions, take action against China at the World Trade Organization and the Treasury Department also will propose additional measures.”
Bloomberg adds:
“The U.S. will impose 25 percent duties on targeted Chinese products to compensate for the harm caused to the American economy from China’s policies, according to a fact sheet released by USTR. The proposed product list will include items in aerospace, information and communication technology and machinery.”
China isn’t taking this news lightly.
RETALIATION: As Trump imposes new tariffs against a variety of Chinese imported goods, Chinese ambassador to the U.S. says China will “definitely fight back.”
“If someone will force China into a trade war, we’ll fight,” Cui Tiankai said, per @belindacao.
— Jennifer Jacobs (@JenniferJJacobs) March 22, 2018
Trump just ordered new tariffs on Chinese goods. Here are five ways #China may retaliate, via @rob_schmitzhttps://t.co/aN9JqW1r5D
— Ruth Sherlock (@Rsherlock) March 22, 2018
WATCH: @AliVelshi explains how Trump's tariffs on China will impact American wallets:
"There's a reason why you don't feel inflation in America, it's because everything that you used to buy in America is now made in China." pic.twitter.com/bVWB523zn6
— MSNBC (@MSNBC) March 22, 2018
Watch what Trump said about the tariffs today above.