(From The Guardian)
Donald Trump has announced $50bn in tariffs the US will levy on China, escalating trade tensions a day after Beijing officials warned it was preparing to retaliate.
The president met his top trade advisers on Thursday to decide when to activate the tariffs, which come as relations with other major trading partners, Canada, the EU and Mexico, have worsened following a fractious meeting of the G7 leaders.
The decision on China comes in a week when Trump told Fox News in an interview he was “very strongly clamping down on trade” with China.
Some 1,300 product categories from agriculture to technology are expected to be targeted for a 25% levy. Full details will be published next week. The move is aimed at cutting the US trade deficit with China.
China attempted to lessen the levies earlier this month by offering to purchase about $70bn worth of commodities and manufactured goods.