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China pushes back, threatens new tariffs on pork and other goods

Dow drops after tariff announcement

BEIJING -- China announced Friday a list of U.S. goods including pork and aluminum pipe it says may be hit by higher tariffs. President Trump signed a memorandum Thursday directing the U.S. Trade Representative to impose an estimated $50 billion in tariffs on China, which will go into effect in at least 45 days.

The Commerce Ministry on Friday called on Washington to reach a negotiated settlement of the dispute "as soon as possible" but gave no deadline.

It said China last year bought about $3 billion worth of the goods affected by the proposed higher tariffs.

The ministry criticized Mr. Trump's action as a violation of global trading principles.

Mr. Trump said Thursday he has asked Chinese officials to immediately reduce the U.S. trade deficit with China by $100 billion.

Analyzing Trump's new tariffs on China