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Dublin: 7°C Thursday 26 November 2020

Trump escalates trade war with threats to place more tariffs on Chinese imports

The US president made the announcement in a series of Tweets.

US President Donald Trump and Chinese President Xi Jinping at the G20 summit in Osaka, Japan in June.
US President Donald Trump and Chinese President Xi Jinping at the G20 summit in Osaka, Japan in June.
Image: DPA/PA Images

US PRESIDENT DONALD Trump has said he will put more tariffs on Chinese imports from 1 September if a trade deal is not reached between the two countries.

He said the US will impose a 10% tariff on the remaining $300 billion in Chinese imports he has not yet taxed from 1 September.

The president made the announcement on Twitter last night.

Tweet by @Donald J. Trump Source: Donald J. Trump/Twitter

“We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing,” he wrote. 

“We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one,” Trump tweeted.

These tariffs will begin as trade talks continue between the two countries in September. Stock prices fell in Hong Kong, Shanghai and Seoul after the announcement.  

The new taxed goods do not include the $250 billion of Chinese goods already taxed at 25%. Beijing responded to this by taxing $110 billion of US goods. 

The two countries are in a trade war over US allegations that China uses predatory tactics — including stealing trade secrets and forcing foreign companies to hand over technology — to overtake the American tech industry.

Earlier taxes from the president were focused on industrial goods, but the new ones will affect consumer products such as mobile phones. 

The White House said Beijing promised to buy more farm goods from the US after the most recent trade talks ended in Shanghai on Wednesday. This was the twelfth round of trade talks between the world’s two largest economies.

Talks had broken down in May after the United States accused China of not following through on earlier commitments.

Chinese Foreign Minister Wang Yi criticised the newly proposed tax.

Imposing tariffs is definitely not the right way to resolve trade frictions,” Wang said in Bangkok. 

with reporting from Associated Press. 

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