U.S. and China start port fees amid 100% tariff hike threat
(CNN, KYMA) - The U.S. and China are imposing new port fees on each other's ships Tuesday amid the threat of more tariff hikes, according to U.S. Trade Representative Jamieson Greer and the Chinese Ministry of Transport.
The fees are part of escalating trade policies between the two countries.
Chinese analysts accuse the U.S. of starting this latest tit-for-tat by imposing new export controls last month.
They say that's why China recently tightened restrictions on rare Earth minerals.
As a result, President Donald Trump is threatening a triple-digit tariff hike on Chinese imports by November 1.
Beijing is warning of retaliation if that happens, but both sides say they'd prefer a resolution.
