Trump announces increases in tariffs against China, tells US companies to stop doing business with China

President Trump said he would increase taxes on all Chinese goods and demanded that American companies stop doing business with China as his anger toward Beijing and his Federal Reserve chair boiled over on Friday, New York Times reports.

Donald Trump has increased tariffs against China in the latest escalation of his trade war, following his furious outbursts at Beijing’s earlier decision to impose its own duties on $75bn of American goods.

The US president said taxes on $250bn worth of Chinese imports would be raised from 25 per cent to 30 per cent from 1 October, The Independent reports.

Planned tariffs on another $300bn worth of Chinese goods, which are due to come into effect between 1 September and 15 December, will also be raised from 10 per cent to 15 per cent.

“China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!)” Mr. Trump said on Twitter. “Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%.”

Via NYT / Independent