Trump’s 10 percent tariff takes effect, raising fears of global trade war
COUNTRIES around the world threatened to wage a trade war with the United States as President Donald Trump's sweeping tariffs fed expectations for a global downturn and sharp price hikes for swathes of goods in the world's biggest consumer market.
China retaliated by announcing 34% tariffs on American goods.
President Donald Trump goaded China on Friday after the United States' chief economic rival retaliated against his tariffs, and he dismissed falling stock markets over the growing global trade war, touting it as a chance to "get rich."
Several Chinese commerce associations in industries from healthcare and textiles to electronics also issued statements on Saturday calling for unity in exploring alternative markets and warning that the tariffs would worsen inflation in the U. S.
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