The tariff war between the U.S. and other countries escalated on July 6. The US placed $34B in tariffs on Chinese goods and China retaliated by imposing a similar 25% tariff on 545 US products – including cars, soybeans and lobsters – also worth a total of $34B. Lumber and forest products were not included on the list.
Russia is introducing extra duties on a range of products imported from the U.S. to counter tariffs on steel and aluminum. The Russian duties included road-building equipment, products for the oil and gas industry, and tools used in mining.