U.S. trade fight with China escalates

President Donald Trump late on Thursday asked the U.S. trade representative to consider adding an extra $100 billion in tariffs on Chinese goods amid an escalating trade dispute with China. The instruction followed China’s plan to tax $50 billion in American products after the United States earlier this week also imposed $50 billion in tariffs on Chinese imports. “China’s illicit trade practices—ignored for years by Washington—have destroyed thousands of American factories and millions of American jobs,” Trump said. The growing trade dispute this week led to sharp fluctuations in global financial markets. The Chinese government in response said it “has fully prepared and will without hesitation counterattack with great strength” if the United States implements the tariffs.