Trump hits China with extra 10% tariffs, starting September 1
- 5 years ago
U.S. President Donald Trump has vowed to slap even MORE tariffs on Chinese goods coming into the United States.
Trump's move, which comes right after the U.S. and China failed to reach a deal during high-stakes talks in Shanghai this week,... ratchets up the trade war with China... and is expected to make certain products more expensive for U.S. consumers.
Park Hee-jun reports.
Upping the stakes even further.
An additional 10-percent tariff on the remaining 300 billion U.S. dollars of Chinese imports coming into the United States,... effective September 1.
President Trump tweeting this bombshell on Thursday, local time.
He also slammed China and Chinese President Xi Jinping for failing to keep promises to buy more American farm products,... and to clampdown on the production of fentanyl,.. an extremely powerful opioid that's killing thousands of Americans a year.
The tweets came shortly after President Trump was briefed by Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer,... following their 12th round of talks with China in Shanghai earlier this week.
It was a meeting that ended with no deal.
But it was agreed talks would resume in Washington in early September.
This is seen as President Trump's strategy to pressure Beijing into striking a trade deal as the existing tariffs are known to be severely impacting the Chinese economy.
The new tariffs add to the 25-percent tariffs on Chinese goods worth 250-billion dollars that were announced in May.
The additional tariffs are also expected to directly affect U.S. consumers more than the previous ones,... because they target items such as iPhones, laptops, clothes, and other retail items.
Equity and oil markets took a sharp downturn after Trump's tweets.
The move is almost certain to expand the fallout on American businesses and Wall Street,... as trade tensions continue to escalate between the world's biggest economies.
Park Hee-jun, Arirang News.
Trump's move, which comes right after the U.S. and China failed to reach a deal during high-stakes talks in Shanghai this week,... ratchets up the trade war with China... and is expected to make certain products more expensive for U.S. consumers.
Park Hee-jun reports.
Upping the stakes even further.
An additional 10-percent tariff on the remaining 300 billion U.S. dollars of Chinese imports coming into the United States,... effective September 1.
President Trump tweeting this bombshell on Thursday, local time.
He also slammed China and Chinese President Xi Jinping for failing to keep promises to buy more American farm products,... and to clampdown on the production of fentanyl,.. an extremely powerful opioid that's killing thousands of Americans a year.
The tweets came shortly after President Trump was briefed by Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer,... following their 12th round of talks with China in Shanghai earlier this week.
It was a meeting that ended with no deal.
But it was agreed talks would resume in Washington in early September.
This is seen as President Trump's strategy to pressure Beijing into striking a trade deal as the existing tariffs are known to be severely impacting the Chinese economy.
The new tariffs add to the 25-percent tariffs on Chinese goods worth 250-billion dollars that were announced in May.
The additional tariffs are also expected to directly affect U.S. consumers more than the previous ones,... because they target items such as iPhones, laptops, clothes, and other retail items.
Equity and oil markets took a sharp downturn after Trump's tweets.
The move is almost certain to expand the fallout on American businesses and Wall Street,... as trade tensions continue to escalate between the world's biggest economies.
Park Hee-jun, Arirang News.