Trump Slaps Fresh tariffs on Chinese goods

Trump Slaps Fresh tariffs on Chinese goods

US President Donald Trump announced that his government will impose an additional 10 percent tariff on 300 billion dollars worth of Chinese goods. He accused China of failing to keep its promise to buy more American agricultural products and not being serious in arriving at the trade deal.

Trump tweeted that new tariffs in addition to earlier tariffs (that are already in place) would come into effect from 1st  September, 2019. Trump personally criticized Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl.

American stock prices fell post Trump’s announcement, with the Dow Jones Industrial Average falling into negative zone. The announcement came a day after US Trade Representative and Treasury Secretary returned from Shanghai after two days of  trade negotiations with China.

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