US Imposes Sweeping Tariffs on China Amid Global Economic Turmoil

Trump vows 'huge' new China tariffs as markets nosedive

Washington D.C. - The United States and China have been embroiled in a trade war for months, and on Sunday, President Donald Trump announced that he would be imposing "huge" new tariffs on Chinese goods.

The move comes as the Dow Jones Industrial Average plummeted over 400 points, or 1.6 percent, in early trading, while the S&P 500 fell 1.5 percent and the Nasdaq Composite dropped 1.7 percent.

Trump made the announcement on Twitter, stating that the new tariffs would be "very high" and would be imposed on Chinese goods "shortly." He also claimed that the tariffs would be "paid for" by China, which is likely to be met with skepticism by many economists.

The new tariffs would be in addition to the 25 percent tariffs that the U.S. has already imposed on $250 billion worth of Chinese goods. China has retaliated by imposing its own tariffs on U.S. goods, including soybeans and other agricultural products.

The trade war has been causing significant economic uncertainty and has raised concerns about the potential impact on global trade and economic growth.

Trump's announcement came as the U.S. and China were set to hold high-level trade talks in Washington D.C. this week. The talks are expected to focus on resolving the trade dispute and preventing further escalation.

The U.S. Chamber of Commerce, which has been critical of the tariffs, issued a statement expressing its concerns about the impact of the new tariffs on American businesses and workers.

"The tariffs are not only hurting American businesses and workers, but they are also having a negative impact on the global economy," said the Chamber's President and CEO, Thomas J. Donohue. "We urge the administration to reconsider its approach and work with Congress to find a solution that benefits all parties involved."

The tariffs are expected to have a significant impact on American consumers, particularly those who shop for goods online. Many Chinese goods, including electronics and clothing, are expected to become more expensive as a result of the tariffs.

The U.S. and China have been engaged in a trade war for months, and the situation is likely to continue to escalate unless a resolution is reached. The impact on the global economy and American businesses and workers will be significant, and it is likely that the tariffs will have a lasting impact on the trade relationship between the two countries.