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Trump Hits Back At China With More Tariffs Amid Escalating Trade War

Written By Press Trust Of India | Mumbai | Published:

Hack:

  • US President Donald Trump on Friday announced to raise existing and planned tariffs on Chinese products
  • The move comes Beijing's announcement earlier in the day of new duties on American goods
  • Trump's statement came hours before he was scheduled to leave for France to attend the G7 Summit

US President Donald Trump on Friday announced to raise existing and planned tariffs on Chinese products in retaliation for Beijing's announcement earlier in the day of new duties on American goods.

"Starting on October 1st, the 250 BILLION (US) DOLLARS of goods and products from China, currently being taxed at 25 percent, will be taxed at 30 percent, Donald Trump said in a statement to the White House press corp.

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Additionally, the remaining 300 BILLION (US) DOLLARS of goods and products from China, that was being taxed from September 1st at 10 percent, will now be taxed at 15 percent. Thank you for your attention to this matter! said the US President Donald Trump in his unusual statement, portions of which were in capital letters. In his statement, which was mainly against China, Trump also issued a warning to other countries as well. Here's what Donald Trump tweeted:

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Our country has been losing hundreds of billions of dollars a year to China, with no end in sight. 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, Donald Trump said:

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Donald Trump's announcement came after China on Friday said it will impose additional 10 per cent tariffs on USD 75 billion worth of US exports in retaliation to President Donald Trump's threat to impose new tariffs on USD 300 billion worth of Chinese imports as the trade war between the top two economies continues to intensify. Since the commencement of trade war last year China and US have so far hit each other with punitive tariffs covering billions of dollars in two-way trade.

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Trump's statement came hours before he was scheduled to leave for France to attend the G7 Summit. Other members of grouping are Canada, France, Germany, Italy, Japan, and United Kingdom. Prime Minister Narendra Modi is attending the G7 summit as a special guest at the invitation of the French President Emanuel Macron. Trump and Modi are scheduled to hold meetings on the sidelines of the G-7 summit. They (Modi and Trump) will look for solutions on the trade front.  The US is looking to India to reduce tariffs and open its markets, a senior administration official told reporters on the eve of his departure. 

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