U.S., China trade tariffs as economic dispute escalates

The Trump administration announced a 25 percent tariff on $50 billion in Chinese goods today, adding to the tariffs previously imposed on the country. Beijing responded with tariffs on $50 billion in U.S. goods, heightening fears of an accelerating trade war. The new Chinese tariffs target U.S. beef and soybeans, a shot at President Donald Trump’s supporters in rural America. The president began the trade tit-for-tat earlier this year, when he announced tariffs on steel and aluminum imports from around the world, including from U.S. allies. Countries targeted by the tariffs imposed their own taxes, raising the cost of a variety of goods. Worries of a trade war pushed markets lower in early trading Friday.