HONG KONG/SHANGHAI — China hit the U.S. on Monday with a flurry of tariffs on imports totaling an estimated $14 billion while U.S. President Donald Trump promised new duties on metal products from around the world, marking the latest escalations in an intensifying trade war.
While Trump paused an earlier plan to slap 25% tariffs on Canada and Mexico last week, he went ahead with an additional 10% blanket penalty on China’s exports to the U.S., which totaled as much as $525 billion last year according to Chinese customs. Beijing wasted no time announcing 10-15% levies in return — albeit only on a list of targeted products.
