BMW says it is calculating the necessary price increases. (AP Photo/Matthias Schrader, file)
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China's retaliatory tariffs on U.S. goods struck just as one of its biggest meat importers was rushing a shipment from California through Shanghai customs.Triggering what China calls " the largest trade war in economic history," the U.S. on July 6 imposed a 25 percent duty on $34 billion of Chinese imports. Both automakers announced price cuts in China only weeks ago, making their Lincoln and Model S sedans within the reach of more consumers after China lowered tariffs on all foreign vehicle imports to 15 percent.The zero-sum mentality of U.S. policymakers will not only hit economic and trade cooperation between China and the U.S., but also brings further uncertainty to the world economy, it said.More than half of the company's revenue comes from American customers, potentially exposing them to any future U.S. tariffs on China-made goods.Distilled Spirits Council, a U.S. trade group, said a 25 percent tariff on U.S. whiskeys heading into China could put the brake on $8.9 million of annual whiskey exports and hurt Chinese consumers and U.S. farmers.China imported $130 billion of U.S. goods last year, less than a third of the value of U.S. imports from China.
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