President Donald Trump more than doubled the tariff rate on $200 billion worth of Chinese imports on Friday.
President Donald Trump welcomes Chinese President Xi Jinping at Mar-a-Lago state in Palm Beach, Florida.President Donald Trump more than doubled the tariff rate on more than a third of Chinese imports early Friday morning.
Beginning at 12:01 a.m. ET, a total of about $250 billion worth of shipments from China will face an import tax of 25%. The escalation has cast doubt on trade negotiations and is expected to lead to higher prices for American businesses and consumers.President Donald Trump on Friday more than doubled the tariff rate on roughly $200 billion worth of Chinese imports, a move that sets the stage for retaliation from Beijing and that significantly raises the stakes in a yearlong trade war between the world's largest economies.
After accusing China of reneging on past trade commitments, the Trump administration has sought to increase pressure on Chinese officials in negotiations taking place this week. About $250 billion worth of Chinese products will now face a 25% duty when shipped to the US. Previously, a majority of those had been subject to a 10% import tax.
That could lead to higher prices on a wide range of everyday products from electronics to clothing. While Trump claims Chinese companies will pay the price,Officials at the Chinese Commerce Ministry —
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