Jul 10, 2018

Trump administration announces plan for tariffs on $200 billion in Chinese products

Trump speaking to business leaders. Photo: Thomas Peter-Pool/Getty Images

The Trump administration released a list of $200 billion worth of Chinese goods, including soybeans, sunflower seeds and a variety of frozen fish, that could be slapped with new tariffs, reports Bloomberg.

Why it matters: This is the latest move in the U.S.-Chinese trade war and could bring the amount of tariffs the U.S. has slapped on China up to $234 billion.

The big picture: Businesses in the United States and abroad are suffering the consequences of a tit-for-tat trade war. Stock futures saw a slight decline as a result of the latest news.

What's next: Though tariffs at 10% have been announced, nothing is official yet. The final decision will come on August 31. China vowed to respond dollar-for-dollar in imposing tariffs on the U.S. and made good on that promise with imposing $34 billion in tariffs last week.

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President Trump announced Tuesday that he commuted former Illinois Gov. Rod Blagojevich's 14-year prison sentence for extortion, bribery and corruption — as well as issuing full pardons for former San Francisco 49ers owner Edward DeBartolo Jr., former NYPD Commissioner Bernie Kerik and financier Michael Milken.

The big picture: The president's clemency spree largely benefitted white-collar criminals convicted of crimes like corruption, gambling fraud and racketeering, undercutting his message of "draining the swamp."

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Why it matters: Nadler had requested an explanation for the "intake process" that Attorney General Bill Barr stated had been set up in order to receive information that Rudy Giuliani had obtained about the Bidens in Ukraine.