US to slap 10% tariff on US$300b more in Chinese goods: Trump

President Donald Trump announced Thursday he will hit China with punitive tariffs on another US$300 billion in goods, escalating his trade war after accusing Beijing of reneging on more promises.[WASHINGTON] President Donald Trump announced Thursday he will hit China with punitive tariffs on another US$300 billion in goods, escalating his trade war after accusing Beijing of reneging on more promises.

"The 10 per cent is a for a short-term period and then I can always do much more or I can do less, depending on what happens with respect to a deal," Mr Trump said at the White House, adding,"it could be lifted up to well beyond 25 per cent."After resuming face-to-face talks in Shanghai this week, trade negotiators were set to reconvene in Washington in early September for another round of discussions, which means they will take place just after the new tariffs take effect.

Trade relations with China have swung between progress and disaster, appearing to collapse in May only to be revived two months later after a meeting in Japan between Mr Trump and Xi Jinping, his Chinese counterpart. "Of course, they could react badly now and the talks could end entirely. It's a measured risk," he told AFP.In prior tariff rounds, US officials had worked prevent the higher costs from hitting popular consumer items.

While other parts of the US economy have begun to slow, the dominant retail sector has been a bright spot, helping bolster growth despite the general slowdown in most other industrialised nations.

Source: News Formal (newsformal.com)

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