Trump increases tension with China: 10% of tariffs announced from September

Rates, which will affect a wide variety of consumer goods, from cell phones to toys and computers, They are raising the tensions of a trade war that has disrupted global supply chains and rattled the financial markets for more than a year.

US stocks fell after Trump's announcement, as did Treasury bond yields. he MFIs He warned that tariffs already in place would cut 0.2% of world economic output by 2020.

"The trade negotiations are continuing and, during the negotiations, the United States will begin, on 1 September, to impose a small additional duty of 10% on the remaining $ 300 billion of goods and products from China to our country. country."Trump said on Twitter. "That does not include the 250,000 million dollars that already have 25% tariffs," he added.

In a series of tweets, Trump also attacked China for failing to keep its promises to buy more US agricultural products and directly criticized President Xi Jinping for not doing more to stop sales. synthetic fentanyl opioid.

The president's tweets follow a report by business representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on talks in Shanghai, the first face-to-face meeting with Chinese officials since Trump's agreement with Xi on a truce in June.

Negotiators from both countries concluded the two-day meeting Wednesday in Shanghai with little sign of progress but called them constructive. Another series of meetings is scheduled for September.

Trump lobbied Xi to take strong action against fentanyl and related substances from China, which US officials say would be the main source of a highly addictive opioid, at the origin of most of the 28,000 deaths related to an overdose. with synthetic drugs in the United States in 2017.

Trump's decision is known after it was confirmed that China had made the first private purchase of soy since the tariff war that erupted more than a year ago.

Negotiations between the two sides broke down in May after US officials accused China of giving up its commitments. Washington has raised tariffs on Chinese products by $ 200 billion and Beijing has responded, intensifying the dispute.