America’s film and TV industries dodged a bullet Wednesday as China announced tariffs of about $50 billion against American goods.
The measures were in retaliation against new U.S.
tariffs on Chinese imports unveiled a day earlier.China’s Commerce Ministry said it would increase import duties by 25% on 106 types of goods including soybeans, cars and light aircraft.
The ministry said that it would announce the date for implementation separately, and that it would depend on the date that President Trump’s additional duties are imposed on Chinese exports to the U.S.The maneuvers signal a significant lurch into a possible trade war between the world’s two largest economies.
Trump has said he welcomes a trade war, contending that the U.S.
loses out as a result of the Chinese trade surplus in physical goods.
The U.S.
has a surplus over China in service areas such as finance,
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