The long-threatened trade war between the United States and China — the world’s two largest economies — launched in earnest this morning, as tariffs on $34 billion worth of Chinese products went into effect at 12:01 a.m.
According to the New York Times, Beijing immediately retaliated, imposing similarly sized tariffs on U.S. goods. The penalties are likely to hurt companies and consumers in both countries.
No official talks between the U.S. and China are scheduled, causing some experts to speculate that the trade war will not be resolved quickly.
“At the moment, I don’t see how this ends,” said Edward Alden, a senior fellow at the Council on Foreign Relations. “This is very much in the president’s hands because he’s got advisers that seem divided, some substantively, some tactically. I just don’t think we’ve had any clear signs of the resolution he wants.”
Read the full article at nytimes.com.