China imposes new tariffs on $75 billion in U.S. imports, which is considered a retaliatory countermeasure from Beijing. This is following U.S. President Donald Trump's announcement of a 10-percent tariff on 300 billion dollars' worth of Chinese goods. Liu Zhiqin, a senior fellow at Chongyang Institute for Financial Studies, said the tariff war will not make America richer and America has to realize how it is hurting the world economy.