China to Impose $60 Billion of U.S. Import Tariffs

The video discusses the US's announcement of tariffs on $60 billion of Chinese goods, with Commerce Secretary Wilbur Ross emphasizing the need to pressure China to change its practices. In response, China plans to impose tariffs on over $60 billion of US goods, escalating the trade tensions. The tariffs range from 5% to 25% and affect various sectors, including agriculture and metals. The energy sector is also involved, with the US unable to persuade China to cut Iranian oil imports. The market is uncertain about the outcome of these trade negotiations.

What percentage increase in tariffs is China considering in response to the US tariffs?

What impact do the tariffs have on the energy sector according to the discussion?