US President Donald Trump said he decided to impose a 10% tariff on $300 billion of Chinese imports from 1st September. Trump mentioned that he could raise tariffs further if China’s President Xi Jinping fails to move more quickly to strike a trade deal.
Trump made the announcement in a series of Twitter posts after his top trade negotiators briefed him on a lack of progress in U.S.-China talks in Shanghai this week. Trump later said if trade negotiations fail to progress he could raise tariffs further – even beyond the 25 percent levy he has already imposed on $250 billion of imports from China.
The announcement on Thursday extends Trump’s trade tariffs to nearly all China’s imports into the United States and marks an abrupt end to a temporary truce in a trade war that has disrupted global supply chains and roiled financial markets. “I think President Xi … wants to make a deal, but frankly, he’s not going fast enough,” Trump said.