China Responds to Latest Tariffs with $60B of their own on U.S. Goods

It took less than 24 hours for China to respond to the latest salvo of tariffs fired off by U.S. President Donald Trump as Beijing announced it will impose $60 billion worth of tariffs on U.S. goods beginning on Sept. 24.

The new round of tariffs from China are said to affect a list of 5,207 products within a range of 5 to 10%. Both the U.S. and China have already slapped each other with tariffs worth $50 billion total.

Despite China’s countermove, the major U.S. indexes were all in the green–the Dow was up over 90 points, the Nasdaq up almost 70 points and the S&P 500 gained 13 points as of 10:45 a.m. ET.

After the markets closed yesterday, the Trump administration announced it would be moving forward with imposing a 10% tariff on $200 billion worth of Chinese goods that includes a step-up increase to 25% by the end of the year. The administration moved forward with the tariffs despite both economic superpowers in the midst of scheduled trade talks to ease tariff tensions.