By Brian Moses MBowe-
NEW AFRICA BUSINESS NEWS, Denver, Colorado- The trade war between Trump administration and Xi Jinping’s administration. President Donald Trump on Friday impose higher tariffs on $200 billion in Chinese products coming to the United States. In addition to last December’s $200 billion tariffs on Chinese goods.
The retaliation from China came in response of last Friday’s $200 billion tariffs from the United States. China’s Ministry of Finance announced Monday, President XI Jinping’s government’s response of $60 billion on tariffs on United States goods. Adding up to 25% to the cost of U.S. goods. China’s tariffs will take effect June 1st. As of now the trade talks have failed between the two Countries.
In the U.S. on Monday stock prices plunged on the news from China. The Dow Jones Industries fell by 617 points, S & P 500 index dropped 69.53 points and Nasdaq Composite Index fell 269.92 at closing.
The U.S President on Monday told reporters he will meet Chinese President Xi Jinping and Russian President Vladimir Putin at the G20 Summit in Osaka, Japan in June.
Reported by Brian Moses MBowe, New Africa Business News for North America and International Correspondent.
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