The News
China’s tariffs on $14 billion-worth of US exports were set to take effect Monday, as analysts warned of the consequences of an escalating trade war.
Beijing announced the retaliatory duties moments after US President Donald Trump’s 10% tariff hike on all Chinese goods went into effect.
Despite speculation that President Xi Jinping would talk to Trump to avert the tariffs, that hasn’t happened: The short timeline Trump gave for negotiations — possibly aimed at forcing Beijing to make quick concessions — may have backfired, some Chinese analysts told the Financial Times.
Beijing’s duties on US manufacturing and energy sectors, meanwhile, could have a greater impact on Republican states, a Brookings Institution analysis found, showing how “local communities can suffer collateral damage from international faceoffs.”