August 23, 2019 / 9:15 PM / a month ago

Trump jacks up tariffs on Chinese imports in latest tit-for-tat

WASHINGTON, Aug 23 (Reuters) - President Donald Trump said on Friday the United States would subject Chinese imports to an additional 5% tariff in response to what he called a politically motivated move by China to impose tariffs on $75 billion worth of U.S. exports. "Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer," Trump said on Twitter. "As President, I can no longer allow this to happen!"

He said the United States would raise its tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning October 1.

At the same time, he announced an increase in the planned tariffs on the remaining $300 billion worth of Chinese goods to 15% from 10%. The United States will begin imposing those tariffs on some products starting September 1, but tariffs on about half of those goods have been delayed until December 15. (Reporting by David Lawder and David Shepardson; Writing by Tim Ahmann)

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