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Trump Announces Another 5% Tariffs On Chinese Goods Amid Escalating Trade War

24 Aug 2019 10:28 pm
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MUMBAI (Commoditiescontrol) - President Donald Trump said on Friday that his administration will raise tariffs on $550 billion in Chinese imports in retaliation for China's decision on Friday to hike trade levies on $75 billion in US products.

The move deepens a trade war that many fear could tip the US and global economies into recession.

The president said US tariffs on $250 billion in Chinese imports will increase from 25% to 30% on October 1.

An additional $300 billion in Chinese goods will be taxed at 15%, instead of 10%, starting on September 1.

The stepped-up tariffs means the US has hiked taxes on virtually all goods imported from China.

(By Commoditiescontrol Bureau)


       
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