President Donald Trump announced Thursday he will hit China with punitive tariffs on another $300 billion in goods, escalating his trade war after accusing Beijing of reneging on more promises. The world’s two largest economies have now erected trade barriers covering virtually all of their $660 billion in annual two-way merchandise trade.
The 10 percent duties will take effect September 1, and come on top of the 25 percent tariffs on $250 billion in imports already in place.
Trump said on Twitter that Beijing had agreed “to buy agricultural product from the US in large quantities but did not do so.” The President added, referring to the highly potent and addictive opioid.”Additionally, my friend President Xi said that he would stop the sale of fentanyl to the United States — this never happened, and many Americans continue to die!”
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, just after the new tariffs take effect.