Full-on trade war: Trump jacks up tariffs on $550bn of Chinese goods, blasts 'unfair' response - rt.com
US President Donald Trump has announced yet another major hike of existing and future tariffs on some $550 billion in Chinese goods, criticizing Beijing’s attempt to offset the losses as ‘unfair’ and ‘politically motivated.’
Duties on $250 million worth of Chinese goods already taxed at 25 percent will increase to 30 percent starting on October 1, the US president tweeted on Friday, enraged that Beijing dared to respond to his previous tariff jab. In addition, he said, $300 billion in imports set to be taxed at 10 percent starting on September 1 will be taxed at 15 percent instead.
The latest salvo in the raging US-China trade war ups the ante after Beijing applied duties of its own to $75 billion in American goods, sending US markets into a tailspin. Chinese countermeasures envisage 5 to 10 percent duties on American farm products including beef, pork, and soybeans, a 25 percent duty on cars, and for the first time, a tax on US crude oil.