US imposes new tariffs on Chinese goods

The new import taxes will be effective next week and it will rise to 25 per cent at the end of 2018.

United States President Donald Trump, on Monday, imposed tariffs on another set of imported Chinese products worth $200 billion.
 
The new import taxes will be effective next week and it will rise to 25 per cent at the end of 2018.
 
In a tweet, Trump said tariff increases have put the US economy in a strong position, with billions of dollars and jobs flowing into the country.
 
"Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”(sic)”
 
In its official note, the US president warned that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."
 
The US has already imposed higher tariffs on $50 billion worth of Chinese products. Then China, in a retaliatory measure, targetted $50 billion on American goods.
 
The latest move by US is set to widen trade conflict between the world's two largest economies. China has already threatened to retaliate against new duties.
 
Source: Media reports

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