- The trade rivalry between the U.S. and China escalated to an unprecedented level on Tuesday, with both countries announcing new tariffs on imports from each other.
- The U.S. has announced 10% tariff on $200 billion of imports from China, whose retaliatory tariffs between 5% and 10% will apply to $60 billion of imports from the U.S. The new tariffs on both sides will go into effect on September 24.
- With the new announcements, U.S. tariffs will apply to $250 billion of Chinese goods and Chinese tariffs will apply to $110 billion of U.S. goods. The rate of the new tariffs will be raised to 25% by the end of 2018