President Trump confirmed Monday afternoon his administration is considering an additional tariff on over $325 billion of Chinese-produced goods after trade talks with Beijing abruptly failed late last week.
The potential tax is a direct response to China’s decision to impose a 25% tariff on $60 billion of American-made products last Friday.
“The economic conflict widens as the two sides struggle to strike a new trade agreement. Trump decided to increase the tariffs following what the U.S. called China’s decision to renege on key parts of a developing deal. Equities markets fell Monday after the Chinese response,” reports CNBC.
The US Stock Market was rattled by the potential trade war between the two giant economies, with shares down sharply in mid-day trading.
This is a developing story. Check back for updates.