China Announces Major Tariffs Against American Companies in Response to Trump's Trade War

Less than 24 hours after President Donald Trump imposed major tariffs on Chinese imported goods to the United States, China's government instituted their own harsh trade measures against American corporations.

The Chinese government announced tariffs on 106 American products that they say will target an estimated $50 billion worth of commerce for U.S. companies. This came less than one day after Trump announced his own set of tariffs against China for unfair trade practices.

These moves caused concern among investors, and the Dow Jones dropped more than 450 points as a result. Many worry this could escalate into an all-out trade war between the world's two largest economies.

"I think it is clearly a trade battle at the very least," Goldman Sachs' chief global equity strategist Peter Oppenheimer told CNBC. "I think the anxiety the market is reflecting is that it could escalate into a generalized (trade) war."

Getting tough on China was one of Trump's major campaign platforms in 2016, which many believe helped him appeal to blue-collar workers in states such as Ohio and Pennsylvania, which helped propel him into the Oval Office. 

In response to China's moves, President Trump tweeted out that America is not engaged in a trade war with the country. However, on other occasions he's said that it's easy to win a trade war. So who the heck knows what he's actually trying to do.

(h/t CNBC)

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