US President Donald Trump escalates China trade war with extra tariffs

Washington US President Donald Trump escalated a growing trade war with China by unveiling plans today to impose 10 per cent tariffs on an additional USD 200 billion worth of Chinese goodsWith the worlds two largest economies already engaged in a confrontation long feared by markets and industry Trump said he was pushing forward with fresh punitive measures over Beijings unacceptable move to raise its own tariffsFurther action must be taken to encourage China to change its unfair practices open its market to United States goods and accept a more balanced trade relationship with the United States Trump said in a statementThe US leader warned that after the new measures are in place on top of existing 25 per cent tariffs on USD 50 billion in Chinese imports tariffs on another USD 200 billion of Chinese goods would go forward if China increases its tariffs yet again The trade relationship between the United States and China must be much more equitable the president said in explaining his decisionI have an excellent relationship with President Xi Jinping and we will continue working together on many issues But the United States will no longer be taken advantage of on trade by China and other countries in the world Trump had already warned last week of additional tariffs should Beijing hit back with titfortat duties on American goodsThen China followed suit unveiling 25 per cent duties on USD 50 billion in US imports matching the US ratesTrump moved forward with measures after months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage his grievances over the soaring trade imbalance and Chinas aggressive industrial development policiesAnd the China trade offensive is only one side of Trumps multifront battle with all major US economic partnersChina apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology Trump said in a statementAlso view Have you seen these funny faces of Donald TrumpCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updatesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever