Trump's Trade War Escalates as China Retaliates with 34% Tariffs

China has struck back at President Trump. On Friday evening in Beijing, in a rapid-fire series of policy announcements including 34 percent across-the-board tariffs, China showed that it has no intention of backing down in the trade war that Mr. Trump began this week with his own steep tariffs on imports from around the world. China’s Finance Ministry said it will match Mr. Trump’s plan for 34 percent tariffs on goods from China with its own 34 percent tariff on imports from the United States. Separately, China’s Ministry of Commerce said it was adding 11 American companies to its list of “unreliable entities,” essentially barring them from doing business in China or with Chinese companies. The ministry imposed a licensing system to restrict exports of seven rare earth elements that are mined and processed almost exclusively in China and are used in everything from electric cars to smart bombs. The commerce ministry also announced it was beginning two trade investigations into Amer ... Read full article.