Economics
Trump Escalates Tariff War, Leaving China Looking for Response
- 10% tariff to be imposed on $300 billion in goods on Sept. 1
- Trump: U.S. to ‘tax the hell out of China’ until deal reached
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President Donald Trump abruptly escalated the trade war with China, throwing the focus on how Beijing will respond to a step that threatens to scupper the chances of a deal between the two sides.
Trump announced Thursday that he would impose a 10% tariff on a further $300 billion in Chinese imports, a move set to hit American consumers more directly than any other in his trade wars so far. The new import taxes, which Trump later said could go “well beyond” 25%, will be imposed beginning Sept. 1 on a long list of goods expected to include smart-phones, laptop computers and children’s clothing.