Trump hikes existing & future tariffs on $550bn of Chinese goods in major trade war escalation

, Trump hikes existing & future tariffs on $550bn of Chinese goods in major trade war escalation, Travel Wire News |  Travel Newswire, Travel Wire News |  Travel Newswire

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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.

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.

Also on China to slap retaliatory tariffs on $75 billion-worth of US goods, targeting soybeans, oil & cars

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.

Also on Dow Jones tanks 600+ points as Trump trades barbs with Beijing and the Federal Reserve

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