International trade increases the number of goods that domestic consumers can choose from, decreases the cost of those goods through increased competition, and allows domestic industries to ship their products abroad. While all of these effects seem beneficial, free trade isn't widely accepted as completely beneficial to all parties. In fact, President Trump's presidential campaign last fall was vehemently anti-trade. In June 2018, President Trump's administration introduced billions of dollars in new tariffs on Chinese imports. China retaliated by announcing tariffs on U.S. imported goods, including steel and pork. In the same month, Trump introduced tariffs on steel and aluminum imports from the European Union, Mexico and Canada as well.

In August, China announced a 25% tariff on $16 billion worth of U.S. goods including vehicles and crude oil in retaliation to the U.S. tariffs on $16 billion worth of Chinese goods. "This is tit-for-tat exactly," said Art Hogan, chief market strategist at B. Riley FBR told CNBC. "Our $16 billion comes at a scheduled time, which comes up on the 23rd. China said we see your $16 billion and we'll match your $16 billion."

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The Basics Of Tariffs And Trade Barriers

https://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp#ixzz5PIfP9DVt

Read more: The Basics Of Tariffs And Trade Barriers

https://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp#ixzz5PIeyl7wb