Trump Says he Will put 10% Tariffs on Remaining China Imports
WASHINGTON (AP) — President Donald Trump intensified pressure Thursday on China to reach a trade deal by saying that beginning Sept. 1, he will impose 10% tariffs on the remaining $300 billion in Chinese imports he hasn’t already taxed. The move immediately sent stock prices sinking.
The president has already imposed 25% tariffs on $250 billion in Chinese products, and Beijing has retaliated by taxing $110 billion in U.S. goods.
U.S. consumers are likely to feel the pain if Trump proceeds with the new tariffs. Trump’s earlier tariffs had been designed to minimize the impact on ordinary Americans by focusing on industrial goods. The new tariffs will hit a vast range of consumer products from cellphones to silk scarves.
The president’s action came as a surprise, just as U.S. and Chinese negotiators were concluding a 12th round of what the White House called “constructive” trade talks in Shanghai. The negotiations ended Wednesday without any sign of a deal but are scheduled to resume next month in Washington.