Trump hikes existing & future tariffs on $550bn of Chinese goods in major trade war escalation
US President Donald Trump has announced further tariffs on $250 billion in Chinese goods, upping existing 25 percent duties to 30 percent. Another $300 billion in goods due to be taxed at 10 percent will be taxed at 15 percent.
The 25 percent tariff is already in effect, and will become a 30 percent tariff starting on October 1. The $300 billion in imports set to be taxed at 10 percent starting on September 1 will now be taxed at 15 percent starting on the same date.
…Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!
— Donald J. Trump (@realDonaldTrump) August 23, 2019
The US decision reverses a previous move to postpone applying tariffs on Chinese cell phones, laptops, computer monitors, toys, clothing, and electronics until December 15.
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Markets fell on Friday after Beijing announced its latest round of tariffs.The latest salvo in the US-China trade war comes after China slapped retaliatory tariffs on $75 billion in US goods, applying 5 or 10 percent duties to farm products including beef, pork, and soybeans, and targeting crude oil for the first time.
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