*By Alisha Haridasani* Chinese officials accused the U.S. of plunging the countries with the world's two largest economies into a trade war Friday and said they'd retaliate immediately after President Donald Trump announced tariffs on Chinese exports. The U.S. will levy a 25 percent tax on $50 billion of Chinese exports for “theft of intellectual property and technology and its other unfair trade practices,” the president said in a statement. “The United States will pursue additional tariffs if China engages in retaliatory measures.” China, however, wasn’t deterred by the threat, promising to hit back in equal measure. Major U.S. indices opened down on the news, with the Dow Jones tumbling nearly 300 points in early trade. Trump decided to impose tariffs, which were initially announced in March, despite months of negotiations between the two countries. The White House has often flip flopped from tough rhetoric to declaring the trade spat [“on hold”](https://cheddar.com/videos/markets-rally-as-u-s-china-trade-war-cools). The administration even offered to save Chinese electronics company ZTE from the brink of collapse. This round of tariffs comes on the heels of Trump’s decision to tax steel and aluminum imports coming in from the European Union, Canada, and Mexico. At the G7 summit in Canada last week, the president further antagonized U.S. allies by refusing to sign a joint statement on shared economic goals.

Share:
More In Business
Starbucks’ Change Flushes Out a Debate Over Public Restroom Access
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
Trump Highlights Partnership Investing $500 Billion in AI
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Load More