Updated: Sep 24, 2018
The Chinese government is putting $60 billion worth of tariffs on U.S. goods. What about the U.S.? They're also putting roughly the same amount of taxes on Chinese goods. Some examples of goods that China are importing, for example, are food seasonings, baseball gloves, and industrial machinery parts. The American products subject to additional taxes when arriving in China will include meat, clothing, and auto parts for cars. Keep in mind that possibly hundreds of more products could be affected by these. Many analysts characterize this action as the latest shot fired in the trade war between the two countries. If the number of tariffs starts rising, even more, the price of imported items for consumers will inevitably increase. It is expected that China and the U.S. will begin the trade wars by next week. What's next for these two giants? We'll have to find out soon.