China Retaliates Against US Tariffs, And The Dow Drops
The Dow closed last night down 617 points — a result of the new tariffs China has put on the United States. China increased their tariffs on $60 billion worth of U.S. imports.
This is a measure that was taken after President Trump announced Friday that the U.S. would be increasing tariffs on $200 billion worth of essentially all Chinese imports.
The United States, the world’s largest economy, relies on Chinese products for affordable goods on everything from technology to furniture. The rise in US tariffs will lead Americans to buy less Chinese-made products, meaning there will be serious economic consequences for China. (RELATED: Biden Attempts To Walk Back China’s ‘Not Competition’ Remarks)
This is expected to hurt the Chinese economy by leading to a rise in unemployment and GDP loss. Some economists are saying that the burden China’s economy will feel will force them to fold before the U.S. starts to see real negative economic consequences.
Tune in to find out more about what is happening with the U.S.-China Trade War.
Check out more of Caitlin McFall’s reports and the new series, The Daily Caller Explains.