Jun 15, 2018

China retaliates with equal tariffs on U.S. imports

Chinese President Xi Jinping. Photo: Naohiko Hatta-Pool/Getty Images

Despite President Trump's warning not to retaliate to the administration's new tariffs on Chinese goods, China's Commerce Ministry announced that the country will be implementing their own tariffs "of the same scale and the same strength" on U.S. imports in response to announcement.

Be smart, per Axios' Jonathan Swan: The $50 billion in tariffs the U.S. imposed on China is relatively minor, and Trump gave Chinese President Xi Jinping a major concession on ZTE. Xi made a personal request to Trump when it looked like ZTE could collapse as a result of U.S. actions, and the Trump administration gave the company effectively a slap on the wrist, allowing it to stay in business.

Key takeaways from the Ministry's statement:

  • China will immediately introduce taxation measures of the same scale and same strength immediately.
  • Previous trade agreements between China and the U.S. are “no longer valid.”
  • “We deeply regret that the United States has disregarded the consensus it has formed and is fickle, provoking a trade war.”
  • China wants other countries to do the same to the U.S. to “put an end to this outdated and regressive behavior.”
  • The U.S. has “damaging bilateral interests but also undermining the world trade order.”

Go deeper

Updated 9 mins ago - Politics & Policy

George Floyd protests: What you need to know

Thousands of protesters march in Denver, Colorado, on May 30. Photo: Michael Ciaglo/Getty Images

Protests over the death of George Floyd and other police-related killings of black men spread across the U.S. Saturday, amid tense standoffs with police in several cities.

The big picture: Floyd's fatal run-in with police is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

U.S. cities crack down on protests against police brutality

Photo: Megan Jelinger/Anadolu Agency via Getty Images

Major U.S. cities have implemented curfews and called on National Guard to mobilize as thousands of demonstrators gather across the nation to continue protesting the death of George Floyd.

The state of play: Hundreds have already been arrested as tensions continue to rise between protesters and local governments. Protesters are setting police cars on fire as freeways remain blocked and windows are shattered, per the Washington Post. Law enforcement officials are using tear gas and rubber bullets to try to disperse crowds and send protesters home.

Trump to invite Russia and other non-member G7 countries to summit

President Trump at Cape Canaveral, Florida, on Saturday. Photo: Saul Martinez/Getty Images

President Trump told reporters on Saturday evening he would postpone the G7 summit to September and expand the meeting to more nations that are not members of the Group of 7.

Details: Trump said he would invite Russia, South Korea, Australia and India to the summit, according to a pool report. "I don’t feel that as a G7 it properly represents what’s going on in the world. It’s a very outdated group of countries," he said.