Trump announces new retaliatory tariffs on China
The Dow Jones Industrial Average dropped 623 points.
President Donald Trump says products coming from China that were to be hit with a 10% tariff on September 1 will now face a 15% levy.
President Trump also says goods and products currently being taxed at 25% will be taxed at 30% starting on October 1.
His comments come after China said it would pursue new tariffs of 5% and 10% on 75 billion US dollars (£60 billion) of U.S. products.
For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight....— Donald J. Trump (@realDonaldTrump) August 23, 2019
The tariffs would take place in two steps, just as the US said it would do earlier this month in imposing 10% tariffs on 300 billion dollars (£242 billion) of Chinese goods.
The rising tensions between the world’s two biggest economies unnerved investors already on edge on Friday.
The Dow Jones Industrial Average dropped 623 points as companies and business groups urged the two countries to get to the negotiating table.