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Trump Ratchets Up Trade War With New China Tariffs
Posted
August 1, 2019
Views
28,481
Likes
310
Comments
390
Engagement
2.46%
August 1, 2019
28,481
310
390
2.46%
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19:23Now PlayingPresident Donald Trump abruptly escalated his trade war with China, announcing that he would impose a 10% tariff on a further $300 billion in Chinese imports in a move set to hit American consumers more directly than any other in his trade wars so far.
The new import taxes, which Trump said he could raise even further, will be imposed beginning Sept. 1 on a long list of goods expected to include smartphones, laptop computers and children’s clothing. They will come on top of the 25% duty in place already on some $250 billion in Chinese goods and mean that almost all trade with China will be subject to new taxes.
The move marks the biggest escalation so far taken by the Trump administration and brings a surprise end to a truce that had been in place since the president met Xi Jinping, his Chinese counterpart, in Osaka at the end of June. Markets, which had been up ahead of the news, tumbled with all three major equity indices closing down by around 1% and bond yields sinking.
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