UPDATED 6:43 PM PT — Thurs. July 5, 2018
The U.S. and China appear to be growing closer toward a trade war, as President Trump confirms he will impose tariffs on $34 billion worth of Chinese imports and products by midnight.
At midnight eastern Friday, the president is expected to impose retaliatory tariffs on Beijing with an additional $16 billion worth of penalties to follow in the next few weeks.
Those penalties include tax Chinese goods ranging from farming plows, semi-conductors and airplane parts.
China has vowed to retaliate with equal import taxes on pork, soybean, steel and peanut products.