China Pledges to Counter Trump's Threat of More U.S. Tariffs
- 10% tariff to be imposed on $300 billion in goods on Sept. 1
- Trump: U.S. to ‘tax the hell out of China’ until deal reached
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Beijing pledged to respond if the U.S. insists on adding extra tariffs to the remainder of Chinese imports, as President Donald Trump’s abrupt escalation of the trade war between the world’s two largest economies sent stocks tumbling from Asia to Europe.
Trump announced Thursday that he would impose a 10% tariff on a further $300 billion in Chinese imports, a move set to hit American consumers more directly than his other tariffs so far. The new import taxes, which Trump later said could go “well beyond” 25%, will be imposed beginning Sept. 1 on a long list of goods expected to include smart-phones, laptop computers and children’s clothing.