Trump says it will raise tariffs on Chinese products by 5%

President Trump on Friday announced new tariffs on Chinese products in a series of tweets, stating that he would increase current rates by 5%. Trump said the 25 percent tariff on the $ 250 billion worth of Chinese goods would be raised to 30 percent on October 1, and that the 10 percent tariff on the $ 300 billion of Chinese goods would be increased by 15%. "For many years, China (and many other countries) has benefited from trade between the United States, intellectual property theft and more," wrote Trump. "As president, I can not allow this to happen anymore! In order to achieve fair trade, we have to balance this very unfair trade relationship. This comes after China has set up US $ 75 billion in retaliation fees of 5 or 10 percent on US goods from September.