#TradeWarEases The US and China imposed new tariffs, and the trade war has already reached $100 billion.

One-seventh of trade between the two countries is already affected by punitive customs duties of 25%.

tnInternational

The US and China imposed new tariffs, and the trade war has already reached $100 billion.

One-seventh of trade between the two countries is already affected by punitive customs duties of 25%.

August 23, 2018, 8:46 AM



Harley-Davidson motorcycles, American soybeans and bourbon, Chinese machinery and integrated circuits... As of Thursday, the tariffs imposed by the United States and China on each other have reached $100 billion worth of products, one-seventh of their trade.

This morning, Washington imposed punitive customs duties of 25% on 1,000 Chinese products whose imports into the United States represent a total of $50 billion annually.

Some $34 billion had already been levied since July, and Washington has now extended the tariffs to another $16 billion of goods imported from China.

A minute later, Beijing retaliated by imposing new tariffs on approximately $16 billion of US products entering the country and declaring that it "firmly" opposed the new tariffs imposed by Washington, according to a statement from the Ministry of Commerce.

However, a Federal Reserve document released Wednesday showed that the institution considers trade disputes to pose "significant" risks to the economy.

A widespread and prolonged trade dispute would harm business confidence, investment, and employment, while impacting prices, which could "reduce the purchasing power of American households," according to the minutes of the Fed's July 31 and August 1 meetings.