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Home News Trade war escalates - New tariffs by Trump

Trade war escalates – New tariffs by Trump

  • President Donald Trump will put 10 percent tariffs on an $200 billion in Chinese goods, which will go up to 25 percent at the end of the year.
  • The action heightens the trade conflict between the world’s two largest economies.
  • Trump is considering whether to put tariffs on more than $250 billion more in Chinese products.

President Donald Trump will impose 10 percent tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25 percent at the end of the year.

The action, announced by the Trump administration Monday, escalates a trade conflict between the world’s two largest economies. China has already threatened to retaliate against new duties.

The White House removed about 300 goods from a previously proposed list of affected products, including smart watches, some chemicals, and other products such as bicycle helmets and high chairs.

Trump, in a statement, said that the tariffs would rise to 25 percent on Jan. 1, 2019, adding that “if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.”

Read more on CNBC.

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