WASHINGTON, Aug 2 (NNN-AGENCIES) — US President Donald Trump has said he will impose a fresh 10% tariff on another $300bn of Chinese goods, in a sharp escalation of a trade war between the two countries.
It came after the latest round of bilateral talks showed little sign of a breakthrough.
The new tariffs, due to take effect on Sept 1, effectively tax all Chinese imports to the US.
The duty is likely target a wide range of goods, from smartphones to clothing.
Trump announced the tariff plan on Twitter, while criticising China for not honouring promises to buy more US agricultural products at this week’s negotiations in Shanghai.
He also attacked Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl.
In later remarks, the president told reporters the 10% tariff was a short-term measure and that tariffs could be lifted further in stages to more than 25%.
“Somebody should have done this with China a long time ago,” he added.
The move jolted financial markets as Washington and Beijing had described this week’s trade negotiations as constructive, and scheduled another round of talks for September.
China and the US have been engaged in a fractious dispute over trade since the early days of Trump’s presidency.
Over the past year, both sides have imposed tariffs on billions of dollars of one another’s goods.
Despite several rounds of talks, the world’s two largest economies have failed to reach an agreement to end the trade war which has rattled investors and cast a shadow over the global economy. — NNN-AGENCIES
