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| Trump hikes existing & future tariffs on $550bn of Chinese goods in major trade war escalation | |
| (30 minutes later) | |
| 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. | 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. | |
| The latest salvo in the US-China trade war comes after China slapped 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. | |
| Markets fell precipitously on Friday in response to China’s announcement, with the Dow Jones plummeting 700 points before recovering slightly. Trump retaliated by threatening to cut off all trade with the country, inspiring further panic in the markets and asking his Twitter followers who was a “bigger enemy” to the United States - Chinese President Xi Jinping, or Fed chairman Jerome Powell? | |
| While Trump has been quick to blame the trade war on China, he has played the aggressor throughout the conflict, labeling China a currency manipulator and even going against the wishes of US industry in his determination to cut off Chinese companies like Huawei from American markets. The US agriculture industry, already beset by catastrophic rainfall, flooding, and tornadoes over the past year, is staring at plummeting returns as China - one of its largest customers - looks further afield for farm products. | |
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