New Tariffs Implemented

Today is a big day in the troubled trade relationship between the United States and China. As of midnight, the Trump Administration has implemented a ten percent tariff on $200 billion of Chinese products. China responded with new tariffs of five-to-ten percent on $60 billion of U.S. products. This is the biggest escalation of tariffs in the ongoing trade war. China has also pulled out of the proposed trade negotiations between the two countries.