Trump Retaliates Against China In Trade War, Boosts Tariffs By 5% On $550Bln Of Imports

WASHINGTON (UrduPoint News / Sputnik - 24th August, 2019) The United States will increase tariffs by another five percent on $550 billion worth of Chinese goods that are already being taxed in response to Beijing's new retaliatory measures, US President Donald Trump said in a statement.

"Starting on October 1st, the 250 billion Dollars of goods and products from China, currently being taxed at 25 percent will be taxed at 30 percent," Trump said via Twitter on Friday.

The US president also said the tariff on the remaining $300 billion worth of Chinese goods and services that will go into effect on September 1 will now increase from 10 percent to 15 percent.

Earlier on Friday, the Chinese State Council said tariffs ranging from 5 to 10 percent would be applied to $75 billion worth of US goods, with some taking effect on September 1 and others on December 15.

The latter batch will also include a 25 percent duty on American cars.

The US Trade Representative's office in a statement said it will begin implementing the tariffs effective October 1 after a notice and comment period. The remainder will go into effect on the already scheduled dates

For the 10% tariffs on approximately $300 billion worth of Chinese imports that the President announced earlier this month, the tariffs will now be 15%, effective on the already scheduled dates for tariff increases on these imports.

China's newly announced tariffs on Friday are in response to Trump's announcement earlier this month of the initial 10 percent tariffs on $300 billion in Chinese goods, although some items have since been removed from the list and others delayed until after the holiday shopping season.