US. President Donald Trump has announced that he will hike tariffs on some $300 billion-worth of Chinese goods to 10% starting on September. 1, 2019 escalating the trade war between the world’s two biggest economies as recent negotiations faltered.
The measures will come on top of the 25% tariffs that have been imposed on $250 billion-worth of Chinese products coming into the U.S.
The announcement comes on the heels of talks between the world’s two largest economies in Shanghai this week. The negotiations did not appear to yield any significant progress, though Trump said “positive dialogue” between the sides will continue.
“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!” the president wrote on Twitter.
In announcing the new tariffs, Trump said China had pledged to increase purchases of U.S agricultural products, but did not, and also alleged Beijing reneged on a promise to stop the sale of Fentanyl to the U.S.
