Trump announced tariffs on $200 billion worth of Chinese goods
Donald Trump last night announced tariffs on $200 billion worth of Chinese goods, escalating to new heights a trade war between the world’s two largest economies.
The new tariffs were being imposed on nearly 40 per cent of goods China sells to the United States. Consumers in the US were expected to see higher prices for items ranging from handbags to furniture, bicycle tyres and air conditioning units.
Mr Trump said tariffs will start at 10 per cent on September 24, and rise to 25 per cent at the start of 2019. The US had already previously imposed tariffs on $50 billion worth of Chinese imports.
China has said it is ready to impose retaliatory tariffs on US goods. Among the products spared from tariffs by Mr Trump were Apple watches and baby car seats.
But he warned that, if China retaliates, he would impose further tariffs on another $267 billion of Chinese imports. That would mean tariffs on virtually all Chinese goods imported into the US.