WASHINGTON: US President Donald Trump vowed to impose a 10 per cent tariff on $300 billion of Chinese imports from September 1, sharply escalating a bruising trade war between the world’s largest economies and jolting financial markets.
The announcement on Thursday extends Mr Trump’s trade tariffs to nearly all of the Chinese goods the US imports and marks an abrupt end to a temporary truce in a trade row that has hurt world growth and disrupted global supply chains.
Mr Trump also threatened to raise tariffs further if China’s President Xi Jinping fails to move more quickly to strike a trade deal.
“I think President Xi … wants to make a deal, but frankly, he’s not going fast enough,” Mr Trump said.
Mr Trump made the announcement in a series of Twitter posts after his top trade negotiators briefed him on a lack of progress in US-China talks in Shanghai this week.