Trump escalates trade war with China with plan to raise tariffs

Move to hike import tax to 25% is blow to hopes that US and China were closing in on deal

Donald Trump has escalated the trade war with China by announcing plans to hike the tariff imposed on $200bn of Chinese goods from 10% to 25% on Friday.

The US president also threatened to impose tariffs on all Chinese trade with America, a move which could further destabilise relations between the two economic powers.

For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars….

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Read the original at Economics | The Guardian.