What's happening? The Trump administration and China's government have imposed taxes on a big chunk of each side's products in an escalation of a trade war between the world's two biggest economies. On Monday, the Trump administration made good on its threat to apply 10 percent tariffs to 5,745 Chinese imports — from fire alarms to Christmas-tree lights — that are worth about $200 billion a year. Within hours, China retaliated by collecting taxes of 5 percent to 10 percent on 5,207 American goods, from honey to industrial chemicals, worth about $60 billion a year. China and the United States had earlier imposed 25 percent tariffs on $50 billion of each other's goods. Combined, the tariffs now cover nearly half the goods and services China sells America and nearly 60 percent of what the United States sells China. Beijing has especially targeted U.S. soybeans in a shot at President Donald...
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