 "Donald Trump escalates trade war with new tariffs on Chinese imports")
President Donald Trump said he would impose a 10% tariff on $300 billion in Chinese imports that aren’t yet subject to US duties after setbacks in trade negotiations between Washington and Beijing.
The new tariff will be imposed beginning September 1, he said in a tweet. Another $250 billion in Chinese goods are already subject to a 25% US tariff.
Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer returned from talks with Chinese counterparts in Shangai this week without reporting much progress. Negotiations have been at an impasse since May after the US said the Chinese reneged on provisions of a tentative deal.
US stocks pared gains on the news, while yields on 10-year Treasuries fell to the lowest since 2016.
Trump and Chinese President Xi Jinping met at the Group of 20 summit in Osaka, Japan in June in what the US said was an effort to get the talks back on track. But Trump said that China failed to fulfill a handshake agreement with Xi to buy more US agricultural products.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%