Trump escalates trade war with wave of higher tariffs on China ahead of G-7

Friday's procession of Trump tweets marked what analysts said was a shift in tone by a president increasingly frustrated by the lack of progress in his trade assault on China and a slowing economy

President Donald Trump took another step toward escalating his trade wars with China and away from a deal to resolve frictions on Friday, announcing a wave of higher tariffs even as he prepared to set off for a gathering of world leaders. 

In an announcement, tweeted out after major indices on Wall Street sank, Trump said existing 25% tariffs on some $250 billion in imports from China would rise to 30% come October 1, the 70th anniversary of the founding of the People’s Republic of China.

Planned 10% tariffs on a further $300 billion in Chinese goods will be taxed at 15%