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At midnight on August 23rd, the U.S. government enacted 25% tariffs on another $16 billion worth of Chinese goods. At 12:01 am, China responded in-kind with 25% tariffs on another $16 billion worth of goods from the U.S. Since the start of this trade war, a total of $106 billion worth of goods are facing tariffs new tariffs.
The Trump administration deems the tariffs a necessary tool to protect American national security and the intellectual property of U.S. businesses. China asserts that the tariffs are illegal and has challenged each round of tariffs at the World Trade Organization. China has already filed a compliant regarding the tariffs imposed by the U.S. just hours ago.
The latest round of tariffs were enacted while American and Chinese officials were meeting in Washington, D.C. this week. This is the first meeting between the two sides since June, where leaders from both sides failed to avert the current trade war. President Trump was quoted on Monday saying that he did not “anticipate much” from the talks.
Also in D.C. this week, the U.S. Trade Representative heard oral comments about the next tranche of tariffs. His office is currently reviewing a package of tariffs that will impact $200 billion worth of Chinese goods. Over 300 business leaders showed up to weigh in on the proposed tariffs.