As expected the US has announced the next round of tariffs on $200 billion of Chinese goods, and the Chinese quickly replied with tariffs on an additional $60 billion of US imports.

The White House announced the decision Monday evening:

Today, following seven weeks of public notice, hearings, and extensive opportunities for comment, I directed the United States Trade Representative (USTR) to proceed with placing additional tariffs on roughly $200 billion of imports from China.  The tariffs will take effect on September 24, 2018, and be set at a level of 10 percent until the end of the year.  On January 1, the tariffs will rise to 25 percent.  Further, if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports…

China has had many opportunities to fully address our concerns.  Once again, I urge China’s leaders to take swift action to end their country’s unfair trade…