Donald Trump levies biggest tariffs on China yet
US targeting £150 billion worth of Chinese goods in escalation of the trade war
Donald Trump has announced a fresh round of tariffs on Chinese goods, targeting £150 billion worth of products in a large escalation of the trade war between the two countries.
While announcing the latest tariffs, Trump warned China that any retaliatory action would result in “phase three” of the tariffs, which would see a further £200 billion worth of tariffs introduced.
The BBC says the new round of taxes are in response to China’s “unfair trade practices, including subsidies and rules that require foreign companies in some sectors to bring on local partners”.
“We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly,” Trump said. “But, so far, China has been unwilling to change its practices.”
The Guardian says that unlike previous tariffs that targeted businesses, the latest taxes will “directly hit thousands of consumer goods from luggage and electronics to housewares and foods, increasing costs”.
The new tariffs are due to come into force on 34 September.