China pledges to hit back as more US tariffs are promised

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Remember this? “Trade wars are good, and easy to win.” That is not looking like being the case at all, right now. Yes, The Donald has doubled down, again, and said he would impose a 10% tariff  – possibly rising “well beyond” 25% – on a further $300bn of Chinese imports; “a move set to hit American consumers more directly than his other tariffs so far,” according to Bloomberg.  

The new import taxes will start on September 1, on a long list of goods, expected to include smartphones, laptops, footwear and children’s clothing. BusinessInsider points out that UBS has estimated the move could see an additional 12,000 retail stores in the US close. 

China responded saying it would “take necessary countermeasures”.  

Not everyone thinks the US is winning this trade war, with some observers – including a former advisor to Trump – believing China in fact has the upper hand.