Trump tweet a new price series in China



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Trump said the US would increase tariffs from 25 percent to 30 percent on $ 250 billion worth of goods already taxed as of Oct. 1.

It also threatened to raise the promised tariffs on the remaining $ 300 billion of Chinese imports from 10% to 15%. These tariffs, which would mainly affect consumer products, are expected to come into effect on September 1, but most products will be duty-free until December 15 – a move Trump has made to avoid spoiling retail sales. vacation.

"China should not have put new tariffs on $ 75 billion worth of US products (for political reasons!)," Trump said on Twitter.

The intensification of the fight angered investors, forcing the Dow to lose more than 700 points at worst, closing down 2.4%, or 623 points.

The US Bureau of Trade Representatives, which acts as the country's leading trade negotiator, said it would "start the process of increasing the duty rate to 30% as of October 1, at the same time." following a period of notice and comments ".

Earlier Friday, Trump ordered US companies operating in China to find an "alternative" and promised to take further action after meeting with his White House economic team.

"We do not need China and, frankly, it would be much better without them," tweeted Trump. "We are ordering our big companies to immediately start looking for an alternative to China, including bringing your business back home."

China's trade experts said the move would only aggravate the stalemate between Washington and Beijing.

"Everyone knew it was going to happen," said Craig Allen, president of the US-China Business Council. "There was no doubt that it was coming in. The answer is surprising and disappointing."

The shares ended a volatile stock market day Friday in the red, after a sell generated by China's new retaliatory tariffs and the president's criticism of the Federal Reserve's policy.

Trump has again attacked Federal Reserve Chairman Jerome Powell about interest rates, insisting they are too high, even after a rate cut last month.

"My only question is: who is our biggest enemy, Jay Powell or President Xi?" the president tweeted referring to Chinese leader Xi Jinping.

CNN's Anneken Tappe contributed to this report.

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