The U.S. trade war with China just got kicked up another notch.
The White House on Wednesday proposed a 25 percent tariff on $200 billion worth of Chinese goods, more than double the 10 percent tax rate originally planned.
U.S. trade representatives are trying to re-engage China in trade talks to de-escalate tensions between the two countries. Advisers reportedly told President Trump that China's authorities would be more likely to yield if higher tax rates were imposed.
Last month, the administration imposed a 25 percent tariff on $34 billion worth of Chinese goods, mostly machines and components. When Beijing immediately retaliated, Trump proposed additional taxes on $200 billion in importsーthis time affecting more consumer goods like furniture and computers.
Raising the proposed tax rate on those goods means extending the deadline for public comment on the plan from August 30 to September 5.
U.S. Sen. Bob Menendez of New Jersey faced a new charge Thursday that he conspired to act as an agent of the Egyptian government, a remarkable accusation against a Democrat who had a powerful role in U.S. policy as head of the Senate’s Foreign Relations Committee.
An Israeli ground offensive in the Gaza Strip would further escalate the war raging since Hamas launched its unprecedented attack, killing hundreds of civilians.
A retired bank official testified that former president Donald Trump obtained hundreds of millions of dollars in loans based on financial statements that have since been deemed fraudulent.
More than 90% of the people killed by a 6.3-magnitude earthquake in western Afghanistan last weekend were women and children, U.N. officials reported Thursday.
Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices.
