Are the United States and China headed for a trade war? Watch for some insights from Fordham University's Carl Minzner.
China is striking back at the United States by announcing a new round of tariffs on American products.
China issued a $50 billion list of US goods today, including soybeans and aircraft, that it plans to target with possible tariff hikes.
It's the latest round in an escalating dispute with the Trump administration.
But China didn't set a date for the new tariffs to go into effect.
The communist regime says its plan will depend on President Trump's plans to possibly raise duties on a similar amount of Chinese goods.
The growing tensions are fueling fears of a possible trade war – a factor in the recent wild swings in the stock market.
But Commerce Secretary Wilbur Ross says those concerns over a trade war are unfounded.
He told CNBC Wednesday morning that China's proposed tariffs only amount to 0.3 percent of US GDP and that some action on tariffs has been "coming for a while."
"What we're talking about on both sides is a fraction of 1 percent of both economies," he said.
Ross says the protection of US intellectual property from Chinese pirating is a bigger concern at this time.
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