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President Trump speaks to business leaders in Beijing, China. Photo: Thomas Peter-Pool/Getty Images

President Trump announced in a statement Monday night that, in addition to the administration's recently-announced tariffs on $50 billion worth of imports from China, he has also directed the United States Trade Representative "to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent."

Why it matters: Trump initially warned China against retaliating to his administration's latest round of sanctions, but China ignored it and imposed their own tariffs of equal measure. This latest threat is Trump's second warning, in which he clearly states: "these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced."

The bottom line: The back-and-forth tariff fight between the U.S. and China is increasingly looking like a trade war.

Key lines from Trump's statement:

  • "China has determined that it will raise tariffs on $50 billion worth of United States exports.  China apparently has no intention of changing its unfair practices."
  • "This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods.  This is unacceptable."
  • "[T]oday, I directed the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent.  After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced."
  • "If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods.  The trade relationship between the United States and China must be much more equitable."

Go deeper

Prosecutors begin closing arguments in Chauvin trial

Steve Schleicher, an attorney for the prosecution in Derek Chauvin's trial, began closing arguments on Monday by describing in detail George Floyd's last moments — crying out for help and surrounded by strangers, as Chauvin pressed his knee into Floyd for nine minutes and 29 seconds.

Why it matters: The jury's verdict in Chauvin's murder trial, seen by advocates as one of the most crucial civil rights cases in decades, will reverberate across the country and have major implications in the fight for racial justice.

Kendall Baker, author of Sports
4 hours ago - Sports

European soccer is at war

Liverpool celebrating its 2019 Champions League victory. Photo: Nigel Roddis/Getty Images

Europe's biggest soccer clubs have established The Super League, a new midweek tournament that would compete with — and threaten the very existence of — the Champions League.

Why it matters: This new league, set to start in 2023, "would bring about the most significant restructuring of elite European soccer since the 1950s, and could herald the largest transfer of wealth to a small set of teams in modern sports history," writes NYT's Tariq Panja.

Dion Rabouin, author of Markets
4 hours ago - Economy & Business

2021's expected earnings blowout begins

JPMorgan CEO Jamie Dimon. Photo: Mark Kauzlarich/Bloomberg via Getty Images

First-quarter earnings so far have been very strong, outpacing even the rosy expectations from Wall Street and that's a trend that's expected to continue for all of 2021. S&P 500 companies are on pace for one of the best quarters of positive earnings surprises on record, according to FactSet.

Why it matters: The results show that not only has the earnings recession ended for U.S. companies, but firms are performing better than expected and the economy may be justifying all the hype.