China is seeing the Donald Trump threat on tariff’s and raising it against American goods coming into their country….
This is NOT gonna go down good for American companies doing business in China a huge market….
The question is?
If the raising of prices will see other countries replacing the American exports?
This will also increase prices to Chinese consumers….
At least in the short run if the Chinese government allows that….
China is moving forward with its plan to counter President Donald Trump’s new tariffs on steel and aluminum, levying duties that will take effect Monday on more than $3 billion in U.S. exports to the country.
In a statement Sunday, the Chinese government said it would impose the retaliatory tariffs on 128 products, according to an informal translation.
China will impose a 15 percent tariff increase on goods including American fruit and nuts and add a 25 percent tariff on pork, recycled aluminum and other goods, the government said.
The move to impose the duties comes just over a week after the Chinese Commerce ministry had announced it was considering tariffs on the goods. Just over a week later, those tariffs are taking effect.
The move is expected to lead to escalating tensions between the two large trading nations, leading many to worry that American farmers will be casualties in a tit-for-tat trade war.
The U.S. shipped more than $1 billion of pork products to China last year, making it the No. 3 destination for exports after Japan and Mexico. The U.S. was China’s top supplier of apples, cherries, walnuts and almonds….
The US Stock Market is DOWN 500+ points at 12noon in response to the China announcement….
The market is down 700+ points now…