Not a month after announcing a hold on the trade war, President Donald Trump approved Thursday night about billion in tariffs on Chinese exports. The Administration is making amendments to an early list of about 1,300 targeted goods.
Trump is also completing a list for a second wave of potential tariffs worth about $100 billion.
Why It’s Important
The taxes are seen to heighten the probability of a trade war with China, which compound frosty U.S. relations with Canada, Mexico and the European Union that could altogether limit global expansion.
The Dow Jones Industrial Average and S&P 500 fell in futures trading on the news. iShares FTSE/Xinhua China 25 Index (ETF) (NYSE: FXI) saw a similar drop.
On Friday, Trump will release a list of the first class of products — primarily tech goods —to be hit with the tariffs. The duties will be implemented on July 6.
China vowed to hit the U.S. with tariffs of comparable value.
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