China says it will raise tariffs on $60 billion in U.S. goods starting June 1 after ‘escalation’ in trade frictions
FILE PHOTO: U.S. President Donald Trump waves during joint statements with China's President Xi Jinping at the Great Hall of the People in Beijing, China, November 9, 2017.
On Monday, he warned China against retaliation on tariffs in a series of early morning tweets. But China showed it planned to counter his adversarial approach with their own penalties against U.S. companies. — Donald J. Trump May 13, 2019 “Their is no reason for the U.S. consumer to pay the Tariffs, which take effect on China today,” Trump tweeted. “Also, the Tariffs can be completely avoided if you by from a non-Tariffed country, or you buy the product inside the USA ”
“Larger effects of tariffs on prices also imply a larger hit to real income and consequently to GDP,” Goldman Sachs analysts wrote in a note to investors Monday. “Further escalation of the trade war could result in a hit to GDP as large as 0.4 percent, and if trade tensions sparked a major sell-off in the equity market, the growth impact could worsen considerably.”
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