China announces equal penalties to retaliate for U.S. tariffs

A $50 billion list of possible U.S. trade targets announced in April included soybeans, light aircraft, orange juice, whiskey and beef. China’s government responded quickly to U.S. President Donald Trump’s tariff hike on Chinese goods by announcing Friday it will immediately impose penalties of “equal strength” on U.S. products. The Commerce Ministry said it also was scrapping deals to buy more American farm goods and other exports as part of efforts to defuse a sprawling dispute over its trade surplus and technology policy.