Trump announces China tariffs on another $300B worth of goods

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President Donald Trump abruptly escalated his trade war with China, announcing that he would impose a 10% tariff on a further $300 billion in Chinese imports in a move set to hit American consumers more directly than any other in his trade wars so far. This does not include the 250 Billion Dollars already Tariffed at 25%.

The new tariffs, which are set to take effect September 1, represent another ratcheting up in trade tensions between the countries and sent stocks falling sharply.

Trump said US trade officials were making progress in talks with China, securing a promise to buy more agricultural products from the United States and stem what he says is a flow of the drug fentanyl into the U.S.

U.S. Trade Representative Robert Lighthizer gestures as he chats with Chinese Vice Premier Liu He, while Treasury Secretary Steven Mnuchin looks on, after posing for a family photo at the Xijiao Conference Center in Shanghai, China, July 31, 2019.

"The fact that this tweet comes after only one meeting with the Chinese delegation following the resumption of talks is extremely concerning", said Rick Helfenbein, president of the American Apparel & Footwear Association.

The new tariff would take effect September 1.

State-run Chinese media called the Shanghai talks "pragmatic".

The president accused Beijing of failing to follow through on stopping the sale of fentanyl to the United States or on purchasing large quantities of farm goods such as soybeans.

"Well, I think the biggest problem to a trade deal is China would love to wait and just hope - they hope it's not going to happen", Trump said. Similar drops were seen in the Nasdaq Composite and S&P 500, dampening enthusiastic spurred by the first cut to interest rates by the Federal Reserve in over a decade. That makes it a Chinese export and subject to the tariff. In fact, before Trump's Twitter announcement China's Ministry of Commerce told reporters that "Chinese and US negotiating teams will maintain close communication and intensify trade consultations at the work level in August to prepare for the meeting of chief trade negotiators from both sides in September", according to Xinhua.

"There may be at various times issues and problems between China and the United States, but no matter how many problems, it is important for both sides to sit down and have face-to-face discussions", Wang said.

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