Deseret News

The two countries have already imposed import taxes on $50 billion worth of each other’s goods. President Donald Trump threatened to add an additional $267 billion in Chinese imports to the target list if China retaliated for the latest U.S. taxes. That would raise the total affected by U.S. penalties to $517 billion, covering nearly everything China sells to the United States.
The American Chamber of Commerce in China warned Tuesday that Washington is underestimating Beijing’s determination to fight back.
“The downward spiral that we have previously warned about now seems certain to materialize,” said William Zarit, the chamber’s chairman.