US-China Trade War Escalates, Slaps each other with New Retaliatory Tariff Hikes

  • China, on Friday, announced that they are going to impose additional tariffs on American products worth US$75 billion. The US President Donald Trump called the Chinese move “politically motivated” and went on to announce the imposition of 30% tariff (effective from October 1, 2019) on Chinese products worth US$250 billion. Through his Twitter handle, Trump also announced increasing the tariff on the remaining US$300 billion of Chinese goods by additional 5% (from the existing 10% to 15%), which will come into effect from September 1, 2019. When asked about the prospects of the upcoming US-China negotiations (tentatively set to resume in September in Washington), Trump said he is always open to talks.