US President Donald Trump on Thursday announced that the US will impose an additional 10 percent tariff on 300 billion dollars worth of Chinese goods, as he accused China of not being serious in arriving at the trade deal and failing to keep its promise to buy more American agricultural products.
In a series of tweets, Trump said the new tariff, in addition to the 25 percent on goods worth 250 billion dollars that was previously in place, would come into effect from 1st of September
Trump also faulted China for not following through on promises to buy more American agricultural products and personally criticized Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl.
US stock prices fell after Trump’s announcement, with the Dow Jones Industrial Average falling into negative territory. The announcement came a day after US Trade Representative and Treasury Secretary returned from Shanghai after two days of latest round of trade negotiations with China.