(NBC News) More U.S. beef is headed to Europe under a new trade agreement announced Friday by President Trump.
“This is a tremendous victory for American farmers and ranchers and of course consumers, because American beef is the best in the world,” President Trump said while announcing the plan.
But while that deal could ease tensions with the European Union, the trade war with China is escalating.
President Trump says he’ll impose a ten percent tariff on an additional $300 billion worth of goods coming from China starting next month.
The move could hike the costs of just about everything China exports to the U.S., from clothing to smartphones and baby products. The new tariffs would be on top of the 25-percent levy the U.S. already imposed on $250 billion of Chinese imports.
The president continues to claim China pays for the tariffs and says Americans won’t feel the effects, but retail analysts say Americans could fork over more as U.S. importers pass their higher costs along.
China, meanwhile, says it will retaliate if the president follows through, taking necessary countermeasures to defend its core interests.
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