Donald Trump escalates trade war with new tariffs on Chinese imports

The new tariff will be imposed beginning September 1, Trump said in a tweet

Current Affairs:-President Donald Trump said he would force a 10% duty on $300 billion in Chinese imports that aren’t yet expose to US obligations after misfortunes in exchange dealings among Washington and Beijing.

The new duty will be forced starting September 1, he said in a tweet. Another $250 billion in Chinese products are as of now subject to a 25% US tax.

Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer came back from converses with Chinese partners in Shangai this week without revealing much advancement. Dealings have been at an impasse since May after the US said the Chinese reneged on arrangements of a provisional arrangement.

US stocks pared gains on the news, while yields on 10-year Treasuries tumbled to the most reduced since 2016.

Trump and Chinese President Xi Jinping met at the Group of 20 summit in Osaka, Japan in June in what the US said was a push to recover the discussions on track. In any case, Trump said that China neglected to satisfy a handshake concurrence with Xi to purchase more US rural items.

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