China announces retaliatory tariffs on $16 billion in U.S. goods

China on Wednesday pledged 25 percent tariffs on $16 billion worth of U.S. goods to take effect beginning on Aug. 23, retaliation for U.S. tariffs announced on Tuesday. “The U.S. decided to impose a 25% tariff on the US$16 billion Chinese exports to the United States from August 23, and once again overriding domestic law over international law is a very unreasonable practice,” a spokesperson for China’s Ministry of Commerce said in a statement , according to an informal translation...