Trump Imposes More Tarrifs On Chinese Goods

0

 


US President Donald Trump has announced fresh tariffs of 10% on another $300bn of Chinese products from 1 September.

The move is the latest salvo in an escalating trade war between the two countries.

It came after the latest round of bilateral talks showed little sign of a breakthrough.

Mr Trump tweeted that the tariffs applied to “the remaining 300 Billion Dollars of goods and products coming from China into our Country”.

He also criticised China for not honouring promises to buy more US agricultural products and attacked Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl.

The latest round of tariffs comes amid mounting concern that Mr Trump’s strategy is proving counter-productive and harming the US more than China.

On Thursday, Mr Trump’s former chief economic adviser, Gary Cohn, said in a BBC interview that the tariff battle was having a “dramatic impact” on US manufacturing and capital investment.

The resulting tensions have also influenced the US central bank, the Federal Reserve, which cut interest rates on Wednesday for the first time in a decade.

Fed chair Jerome Powell said it was not the Fed’s job to criticise US trade policy, but added that trade tensions had “nearly boiled over” during May and June.

 

 

Please follow and like us:
error

Leave a comment