Trump raises tariffs on Chinese products amid escalating trade war

US President Donald Trump on Friday announced to raise existing and planned tariffs on Chinese products. Trump’s announcement came after China said it will impose additional 10 per cent tariffs on USD 75 billion worth of US exports in retaliation to President Donald Trump’s threat to impose new tariffs on USD 300 billion worth of Chinese imports as trade war between the top two economies continues to intensify.

“Starting on October 1^st, the 250 BILLION (US) DOLLARS of goods and products from China, currently being taxed at 25 per cent, will be taxed at 30 per cent, Trump said in a statement to the White House press corp.

Additionally, the remaining 300 BILLION (US) DOLLARS of goods and products from China, that was being taxed from September 1^st at 10 per cent, will now be taxed at 15 per cent. Thank you for your attention to this matter!? said the US president in his unusual statement, portions of which were in capital letters.

Trump also issued a warning to other countries as well.

“For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more, he said.

Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight. Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer, Trump said.

As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!), he said.

Earlier, Donald Trump had said, the trade war with Beijing has been “grifting off” America for decades. “Whether it’s good or bad, the short term is irrelevant. We have to solve the problem with China because they’re taking out US dollar 500 billion a year plus. And that doesn’t include intellectual property theft and other things, Trump said.

"And also, national security, so I am doing this whether it’s good or bad for your statement about, Oh, will we fall into a recession for two months. The fact is, somebody had to take China on, he said responding to a question on reports that the US is heading for a recession because of its trade war with China.