U.S. President Donald Trump said he would impose an additional 10 percent tariff on 300 billion dollars worth of Chinese goods starting this September.
“The U.S. will start, on September 1st, putting a small additional tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our country,” Trump wrote on his Twitter account on Thursday (local time).
This announcement came a day after high-level talks between the U.S. and China held on Tuesday and Wednesday in Shanghai, China ended without making progress. After making the tariff announcement, President Trump told reporters that the U.S. could increase the tariff rate up to 25 percent if the two countries do not reach a major breakthrough. Asia stocks fell on Friday after President Trump’s tariff announcement.