President Donald Trump has announced that the US will impose an additional 10 per cent tariff on 300 billion US Dollars in Chinese imports.
The US President accused China of not being serious in arriving at the trade deal and failing to keep its promise to buy more American agricultural products.
In a series of tweet, Mr Trump said the new tariff, in addition to the 25 per cent on goods worth 250 billion US dollars that was previously in place, would come into effect from 1st of next month.
The announcement came a day after US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin returned from Shanghai after two days of the latest round of trade negotiations with China.
Since the commencement of trade war last year China and US have so far hit each other with punitive tariffs covering more than USD 360 billion in two-way trade.
The US President’s new tariffs on China sent a shock wave through global markets yesterday, pushing Wall Street stocks into the red, sharpening an oil-price rout and pressuring US Treasury yields.
However, at the White House, Trump told reporters he was “not concerned” by the negative reaction among investors, saying he had anticipated it.
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