China has announced plans to put tariffs of up to 25% on US products worth $60 billion, the latest salvo in an escalating trade war.
The Chinese government said Friday that it would impose duties of 25%, 20%, 10% and 5% on the products if the Trump administration follows through on threats to tax $200 billion of Chinese goods.
Do you know who wins tariff wars? Government. Tariffs are just another outflow of cash from consumers to government. Meanwhile, consumers and our economy suffers.