US President Donald Trump will hike tariff rates on most imports from China in response to the latest shots in the trade war between the world’s two largest economies, he said Friday.
The White House will raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1, the president tweeted. The tariffs on another $300 billion in Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%, he added.
In a series of tweets, the president said he would increase the pressure on Beijing as part of his long held goal to force China to change what he calls unfair trade practices. Trump has fired more shots in the trade war as he seeks a sweeping trade deal with Beijing — even as the tariffs threaten global economic growth.
“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,” he tweeted Friday. “As President, I can no longer allow this to happen!”
The trade war intensified in the morning when China announced new tariffs on $75 billion in US goods in retaliation to the US duties on $300 billion in Chinese products.
Trump then tweeted that American companies “are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.” He did not immediately detail the authority he thought he could use to compel firms to leave the country that sends more goods to the U.S. than any other.
Trump’s tweets, a detonation in the trade war, sent major U.S. stock indexes tumbling Friday