President Donald Trump said the latest round of tariffs was in response to China’s “unfair trade practices”.
He said: “We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly. But, so far, China has been unwilling to change its practices.”
President Trump also warned that if China retaliated then the US would “immediately pursue phase three” and impose further tariffs on another $267 billion worth of Chinese products.
Such a move would mean almost all of China’s exports to the US would be subject to new duties.
After opening lower, the Shanghai stock market ended the day 1.8% higher, while Tokyo was up 1.4% and Hong Kong gained 0.6%.
In July, the White House increased charges on $34 billion worth of Chinese products. Then last month, the escalating trade war moved up a gear when the US brought in a 25% tax on a second wave of goods worth $16 billion.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.