Trump jacks up tariffs on Chinese imports in latest tit-for-tat move

WASHINGTON (REUTERS) – President Donald Trump said on Friday (Aug 23) the United States would subject Chinese imports to an additional 5 per cent tariff in response to what he called a politically motivated move by China to impose tariffs on US$75 billion (S$100 billion) worth of US exports.

“Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer,” Trump said on Twitter.

“As President, I can no longer allow this to happen!”

He said the United States would raise its tariffs on US$250 billion worth of Chinese imports to 30 per cent from the current 25 per cent beginning Oct 1.

At the same time, he announced an increase in the planned tariffs on the remaining US$300 billion worth of Chinese goods to 15 per cent, from 10 per cent.

The United States will begin imposing those tariffs on some products starting Sept 1, but tariffs on about half of those goods have been delayed until Dec 15.

(This story is developing)

Source: Read Full Article