US-China commerce conflict: Trump broadcasts new retaliatory tariff hikes

US President Donald Trump speaks during the presentation ceremony at White House on ThursdayPicture copyright AFP
Picture caption The will increase will have an effect on about $550bn of Chinese language imports

President Donald Trump has hit again at China by saying new greater tariffs on imports – escalating a mounting commerce conflict between the 2 nations.

In a sequence of tweets on Friday, Mr Trump introduced an extra tariff enhance of 5% on imports from China.

The transfer got here hours after the president hit out at Chinese language plans to hit $75bn (£61bn) of US items with duties.

Mr Trump described their motion as “politically motivated” and has accused them of “taking benefit” of the US.

“Sadly, previous administrations have allowed China to get to this point forward of truthful and balanced commerce that it has turn into an important burden to the American taxpayer,” Mr Trump tweeted. “As president, I can not enable this to occur!”

Mr Trump has additionally stated he had “hereby ordered” American firms to search for alternate options to China and recommended they make merchandise within the US as an alternative.

His livid response got here after Beijing introduced new tariffs on US items.

China unveiled plans to extend duties between 5% and 10% on greater than 5,000 US merchandise together with agricultural items, plane and crude oil. It would additionally reimpose a suspended 25% responsibility on US automotive imports.

Picture copyright AFP
Picture caption Wall Road share markets dived on Friday amid the escalating tensions

The brand new tariffs, set to have an effect on about $75bn of US items, shall be imposed in two levels on 1 September and 15 December.

What has Trump introduced?

In a sequence of Friday night tweets, Mr Trump stated the US would elevate its tariffs on $250bn of Chinese language imports from 25% to 30% beginning on 1 October.

He additionally stated deliberate tariffs on $300bn of different Chinese language items will now be 15% as an alternative of 10%.

President Trump unveiled the 10% tariff plan on 1 August – blaming China for not following by means of on guarantees to purchase extra American agricultural merchandise.

These tariffs, imposed on gadgets like electronics and clothes, had been anticipated to be launched firstly of September however some have been delayed till mid-December to keep away from hitting US Christmas buyers.

The most recent developments within the commerce conflict have despatched world monetary markets tumbling.

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Media captionJay Powell or Xi Jinping: Which chairman is Trump’s enemy?

The Dow Jones Industrial Common misplaced greater than 620 factors, or 2.4%, on Friday whereas London’s FTSE 100 and the German DAX additionally turned damaging.

On Friday Mr Trump turned his hearth towards the top of the US central financial institution, Jerome Powell, after he spoke out in regards to the financial dangers of a commerce conflict.

In a tweet, the president went as far to query whether or not Federal Reserve chairman was a higher “enemy” than China’s chief Xi Jinping.

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