China slaps new tariffs on U.S. imports

Chinese officials on Monday announced new taxes on $3 billion in U.S. imports in retaliation for U.S. President Donald Trump’s recently announced tariffs on steel and aluminum imports. Although the Chinese tariffs cover a long list of products, including pork, apples, and other food items, the taxes cover only a small portion of the $150 billion China imports each year from the United States. The escalating trade tensions started over Chinese policy that hampers market access, protects Chinese companies, and subsidizes exports, tactics universally decried by Western nations. U.S. officials also accuse China of stealing technology through policies that require foreign companies to give Chinese officials proprietary information in exchange for access to the country’s massive consumer market. The White House has not responded yet to China’s tariff announcement.