U.S. President Donald Trump announced Sept. 17 new tariffs on $200 billion (¥22.4 trillion) in Chinese goods, escalating a trade war between the world’s two biggest economies and potentially raising prices on goods ranging from handbags to bicycle tires.
Trump said the tariffs would start at 10 percent from Sept. 24, and rise to 25 percent on Jan. 1.
The move is sure to ratchet up hostilities between Washington and Beijing. Trump has already imposed 25 percent tariffs on $50 billion (¥5.6 trillion) in Chinese goods. And China has retaliated in kind, hitting American soybeans, among other goods, in a shot at Trump’s supporters in the U.S. farm belt.
Beijing has warned that it would hit an additional $60 billion (¥6.7 trillion) in American goods if Trump ordered more tariffs. However, in his latest announcement, Trump said that any retaliation by China would add a further $267 billion (¥29.9 trillion) to the target list. That would cover nearly everything China sells the United States. (AP)