Federal Spotlight: Trump Administration to Enact New Tariffs on China
August 8, 2019
President Trump announced last week his administration would implement new tariffs on China starting September 1. The new levies, which are 10% on $300 billion of Chinese goods, are a sign the trade war between the world’s two largest economies shows no signs of slowing down anytime soon. In a series of escalating maneuvers, China devalued its currency on Monday and announced suspension of agricultural purchases from the U.S., while the U.S. Treasury Department has declared China to be a currency manipulator. All of this has fostered a wild week on Wall Street as the market has been extremely volatile. The business community at large has urged the two nations to come to an agreement on the issue and put an end to the trade war.