The trade war between the U.S. and China escalated further as China imposed an additional 50% tariff on American imports, bringing the total tariffs on U.S. goods to 84%. This move was in response to President Trump’s 104% tariffs on Chinese imports. The impact of China’s tariff increase may be limited as it imports less from the U.S. compared to its exports. China could further target U.S. agricultural products such as soybeans, which have been at the center of the trade dispute. Additionally, China could restrict American poultry imports and even ban Hollywood films in retaliation. China could also target the U.S. services sector and intellectual property interests. There is concern that China may halt cooperation on issues such as fentanyl, which could have negative consequences for international drug control efforts. The escalating trade tensions between the two countries are likely to have far-reaching effects on various aspects of the economy and trade relations between the U.S. and China.
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