Trump jacks up tariffs on Chinese imports in latest tit-for-tat

Reuters - President Donald Trump said on Friday (August 23) the United States would subject Chinese imports to an additional 5% tariff in response to what he called a politically motivated move by China to impose tariffs on $75 billion worth of U.S. exports. "Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer," Trump said on Twitter. "As President, I can no longer allow this to happen!" He said the United States would raise its tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning October 1. At the same time, he announced an increase in the planned tariffs on the remaining $300 billion worth of Chinese goods to 15% from 10%. The United States will begin imposing those tariffs on some products starting September 1, but tariffs on about half of those goods have been delayed until December 15.