Businesses already smarting from China’s retaliatory tariffs are bracing for more trade actions from the Trump administration and U.S. trade partners.
The announcement from China that it would impose tariffs on 128 U.S. goods in response to President Trump’s steel and aluminum tariffs helped send the Dow Jones industrial average down 459 points on Monday.
China said the trade actions were in response to the steel and aluminum tariffs President Trump imposed last month. It has not yet responded to a bevy of more-focused tariffs Trump is preparing that would cover $50 billion to $60 billion worth of Chinese imports under Section 301 of the U.S. trade law.
On Tuesday, the Trump administration unveiled a list of about 1,300 Chinese goods for a proposed 25 percent tariff, including metals, a slew of machine parts and electronic components.