The United States will hit China with punitive tariffs on another $300 billion in goods, declared President Donald Trump on Thursday. After the US accused China of breaking This step will surely escalate the China-US trade war.
The sudden collapse indicates the world’s two largest economies have created trade barriers covering virtually all of their $660 billion in annual two-day merchandise trade. A prospect.
On September 1, the 10% duties will be affected and come on top of the 25% tariffs on $250 billion in imports already in place. Trump stated on Twitter that Beijing had agreed “to buy agricultural products from the US in large quantities but did not do so.”
“Additionally, my friend President Xi said that he would stop the sale of fentanyl to the United States — this never happened, and many Americans continue to die!” Trump said.
This week, trade negotiators resumed the face-to-face conversation in Shanghai. Just after the new tariffs took effect, they were ready to have another round of discussions in early September in Washington.
US officials have already worked prevent tariffs from hitting popular consumer items so far. The duties will soon be covering the vast expanse of everyday Chinese-made goods and consumer electronics.
“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!” quoted Trump.
The trade talks between the US and China have witnessed continuous ups and downs. In May it got collapsed and again it revived after US President Donald Trump and his Chinese counterpart Xi Jinping had a meeting in July.