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Trade Fight with China Expected to Inflict Pain on American Businesses
The U.S. plans to impose a 25% tariff on $50 billion of Chinese exports to help American companies hurt by Beijing’s industrial policies. That move, unveiled by the Trump administration on Friday, was countered by China’s State Council, which plans to place retaliatory tariffs on American goods worth $34 billion, including agricultural products, cars and seafood, starting July 6.
The tariffs will be enacted in two waves, and are punishment for intellectual property theft. More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6, with another roughly 280 set to undergo a public comment period before taking effect.
The growing trade fight could have significant implications for U.S. supply chains, as well as result in higher costs for businesses ranging from chipmakers to aviation manufacturers like Boeing, the nation’s single largest exporter. China is one of its critical markets, with spending expected to reach $1.1 trillion over the next two decades, encompassing more than 7,200 new airplanes.
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