WASHINGTON (UrduPoint News / Sputnik - 24th August, 2019) The United States will increase tariffs by another five percent on $550 billion worth of Chinese goods that are already being taxed in response to Beijing's new retaliatory measures, US President Donald Trump said in a statement.

"Starting on October 1st, the 250 billion Dollars of goods and products from China, currently being taxed at 25 percent will be taxed at 30 percent," Trump said via Twitter on Friday.

The US president also said the tariff on the remaining $300 billion worth of Chinese goods and services that will go into effect on September 1 will now increase from 10 percent to 15 percent.

Earlier on Friday, the Chinese State Council said tariffs ranging from 5 to 10 percent would be applied to $75 billion worth of US goods, with some taking effect on September 1 and others on December 15.

The latter batch will also include a 25 percent duty on American cars.

The US Trade Representative's office in a statement said it will begin implementing the tariffs effective October 1 after a notice and comment period. The remainder will go into effect on the already scheduled dates

For the 10% tariffs on approximately $300 billion worth of Chinese imports that the President announced earlier this month, the tariffs will now be 15%, effective on the already scheduled dates for tariff increases on these imports.

China's newly announced tariffs on Friday are in response to Trump's announcement earlier this month of the initial 10 percent tariffs on $300 billion in Chinese goods, although some items have since been removed from the list and others delayed until after the holiday shopping season. </s> President Donald Trump on Friday counterpunched against retaliatory tariffs announced by Beijing earlier in the day, pledging to hike the rates importers must pay on Chinese-made goods even higher.

Trump said the US will raise tariffs from 25% to 30% on $250 billion in goods that are already being taxed starting October 1.

He also threatened to ratchet up promised tariffs on the remaining $300 billion in Chinese imports from 10% to 15%. Those tariffs, which would hit mostly consumer items, are set to begin taking effect September 1, though most goods will be duty-free until December 15 — a move Trump made to avoid putting a damper on holiday retail sales.

The President’s announcement came after Beijing unveiled a new round of retaliatory tariffs on about $75 billion worth of US goods. China will place additional tariffs of 5% or 10% on US imports starting on September 1, according to a statement posted by China’s Finance Ministry.

It was the latest escalation in an ongoing trade war that has triggered a worldwide economic slowdown and which, for the moment, shows no sign of quick resolution.

“China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!),” Trump said on Twitter.

The intensifying fight unnerved investors, sending the Dow dropping more than 700 points at its worst, closing down 2.4%, or 623 points.

The US Trade Representative Office, which acts as the country’s top trade negotiator, said it would “begin the process of increasing the tariff rate to 30% effective October 1 following a notice and comment period.”

Earlier Friday, Trump ordered US companies doing business in China to find an “alternative” and had promised to deliver further action after he met with his economic team at the White House.

“We don’t need China and, frankly, would be far better off without them,” Trump tweeted. “Our great companies are ordered to immediately start looking for an alternative to China, including bringing your companies HOME.”

China trade experts said the moves will only deepen the impasse between Washington and Beijing.

“Everyone knew this was coming,” said Craig Allen, president of the US-China Business Council. “There was no doubt this was coming. The response to it is surprising and disappointing. ”

Stocks finished a volatile trading day sharply in the red Friday, after a selloff driven by the new retaliatory tariffs from China and the President’s criticism of Federal Reserve policy.

Trump again attacked Federal Reserve Chairman Jerome Powell over interest rates, which Trump insists are too high even after a rate cut last month.

“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?” the president tweeted referring to Chinese leader Xi Jinping. </s> (CNN) — President Donald Trump on Friday counterpunched against retaliatory tariffs announced by Beijing earlier in the day, pledging to hike the rates importers must pay on Chinese-made goods even higher.

Trump said the US will raise tariffs from 25% to 30% on $250 billion in goods that are already being taxed starting October 1.

He also threatened to ratchet up promised tariffs on the remaining $300 billion in Chinese imports from 10% to 15%. Those tariffs, which would hit mostly consumer items, are set to begin taking effect September 1, though most goods will be duty-free until December 15 — a move Trump made to avoid putting a damper on holiday retail sales.

The President’s announcement came after Beijing unveiled a new round of retaliatory tariffs on about $75 billion worth of US goods. China will place additional tariffs of 5% or 10% on US imports starting on September 1, according to a statement posted by China’s Finance Ministry.

“We’re having a little spat with China and we’ll win it,” Trump told reporters Friday night before departing for the annual G7 summit in Biarritz, France. “We put a lot of tariffs on China today, as you know. They put some on us, we put a lot on them.”

“We’re up to about $550 billion — they’ve been hitting us for many, many years for over $500 billion a year, taking out of our country much more than 500 billion a year,” he added. “So we want that stopped.”

It was the latest escalation in an ongoing trade war that has triggered a worldwide economic slowdown and which, for the moment, shows no sign of quick resolution.

“China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!),” Trump said on Twitter.

The intensifying fight unnerved investors, sending the Dow dropping more than 700 points at its worst, closing down 2.4%, or 623 points.

The US Trade Representative Office, which acts as the country’s top trade negotiator, said it would “begin the process of increasing the tariff rate to 30% effective October 1 following a notice and comment period.”

Earlier Friday, Trump ordered US companies doing business in China to find an “alternative” and had promised to deliver further action after he met with his economic team at the White House.

“We don’t need China and, frankly, would be far better off without them,” Trump tweeted. “Our great companies are ordered to immediately start looking for an alternative to China, including bringing your companies HOME.”

China trade experts said the moves will only deepen the impasse between Washington and Beijing.

“Everyone knew this was coming,” said Craig Allen, president of the US-China Business Council. “There was no doubt this was coming. The response to it is surprising and disappointing. ”

Stocks finished a volatile trading day sharply in the red Friday, after a selloff driven by the new retaliatory tariffs from China and the President’s criticism of Federal Reserve policy.

Trump again attacked Federal Reserve Chairman Jerome Powell over interest rates, which Trump insists are too high even after a rate cut last month.

“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?” the president tweeted referring to Chinese leader Xi Jinping.

Late Friday night, Trump told reporters he wouldn’t stop Powell if the chairman wanted to resign. </s> Washington (CNN) President Donald Trump on Friday counterpunched against retaliatory tariffs announced by Beijing earlier in the day, pledging to hike the rates importers must pay on Chinese-made goods even higher.

Trump said the US will raise tariffs from 25% to 30% on $250 billion in goods that are already being taxed starting October 1.

He also threatened to ratchet up promised tariffs on the remaining $300 billion in Chinese imports from 10% to 15%. Those tariffs, which would hit mostly consumer items , are set to begin taking effect September 1, though most goods will be duty-free until December 15 -- a move Trump made to avoid putting a damper on holiday retail sales

The President's announcement came after Beijing unveiled a new round of retaliatory tariffs on about $75 billion worth of US goods . China will place additional tariffs of 5% or 10% on US imports starting on September 1, according to a statement posted by China's Finance Ministry.

"We're having a little spat with China and we'll win it," Trump told reporters Friday night before departing for the annual G7 summit in Biarritz, France. "We put a lot of tariffs on China today, as you know. They put some on us, we put a lot on them."

Read More </s> WASHINGTON (Reuters) - The U.S. Trade Representative’s office on Friday said it would hold a public comment period before raising tariffs on $250 billion in Chinese imports on Oct. 1 from 25% to 30% after China announced what the U.S. considers “unjustified tariffs.”

It said 10% tariffs on about $300 billion worth of additional Chinese-made consumer goods would be increased to 15%, effective on the already scheduled dates for tariff increases on these imports.

China on Friday said it would impose retaliatory tariffs on $75 billion of U.S. goods, targeting crude oil for the first time and renewing punitive duties on American-made autos. That came after U.S. President Donald Trump unveiled plans to impose the 10% tariffs on products such as cellphones, toys, and clothing on Sept. 1 and Dec. 15. </s> The United States began collecting higher, 25 per cent tariffs on many Chinese goods arriving in US seaports on Saturday morning in an intensification of the trade war between the world's two largest economies and drawing retaliation from Beijing.

[WASHINGTON] The United States began collecting higher, 25 per cent tariffs on many Chinese goods arriving in US seaports on Saturday morning in an intensification of the trade war between the world's two largest economies and drawing retaliation from Beijing.

US President Donald Trump imposed the tariff increase on a US$200 billion list of Chinese goods on May 10, but had allowed a grace period for sea-borne cargoes that departed China before that date, keeping them at the prior, 10 per cent duty rate.

The US Trade Representative's office in a May 15 Federal Register notice set a June 1 deadline for those goods to arrive in the United States, after which US Customs and Border protection would begin collecting the 25 per cent duty rate at US ports.

The deadline expired at 12.01am EDT (12.01pm Singapore time) on Saturday.

The tariff increase affects a broad range of consumer goods, and intermediate components from China including internet modems and routers, printed circuit boards, furniture, vacuum cleaners and lighting products.

Earlier on Saturday, China began collecting higher retaliatory tariffs on much of a US$60 billion target list of US goods. The tariffs, announced on May 13 and taking effect as of midnight in Beijing, apply additional 20 per cent or 25 per cent tariffs on more than half of the 5,140 US products targeted.

Beijing had previously imposed additional rates of 5 per cent or 10 per cent on the targeted goods.

No further trade talks between top Chinese and US negotiators have been scheduled since the last round ended in a stalemate on May 10, the same day when Mr Trump announced higher tariffs on US$200 billion of Chinese goods and then took steps to levy duties on all remaining Chinese imports.

China ordered the latest tariff increases in response to Mr Trump's move.

Mr Trump has accused China of breaking a deal to settle their trade dispute by reneging on earlier commitments made during months of negotiations. China has denied the allegations.

Beijing has grown more strident in recent weeks, accusing Washington of lacking sincerity and vowing that it will not cave to the Trump administration's demands.

Its rhetoric has hardened particularly since Washington put Chinese company Huawei Technologies Co on a blacklist that effectively bans the firm from doing business with US companies. </s> WASHINGTON (Reuters) - The United States began collecting higher, 25% tariffs on many Chinese goods arriving in U.S. seaports on Saturday morning in an intensification of the trade war between the world’s two largest economies and drawing retaliation from Beijing.

Containers are seen at a port in Huaian, Jiangsu province, China May 5, 2019. Picture taken May 5, 2019. REUTERS/Stringer

U.S. President Donald Trump imposed the tariff increase on a$200 billion list of Chinese goods on May 10, but had allowed a grace period for sea-borne cargoes that departed China before that date, keeping them at the prior, 10% duty rate.

The U.S. Trade Representative’s office in a May 15 Federal Register notice set a June 1 deadline for those goods to arrive in the United States, after which U.S. Customs and Border protection would begin collecting the 25% duty rate at U.S. ports. The deadline expired at 12:01 a.m. EDT on Saturday

The tariff increase affects a broad range of consumer goods, and intermediate components from China including internet modems and routers, printed circuit boards, furniture, vacuum cleaners and lighting products.

Earlier on Saturday, China began collecting higher retaliatory tariffs on much of a $60 billion target list of U.S. goods. The tariffs, announced on May 13 and taking effect as of midnight in Beijing (1600 GMT), apply additional 20% or 25% tariffs on more than half of the 5,140 U.S. products targeted. Beijing had previously imposed additional rates of 5% or 10% on the targeted goods.

No further trade talks between top Chinese and U.S. negotiators have been scheduled since the last round ended in a stalemate on May 10, the same day when Trump announced higher tariffs on $200 billion of Chinese goods and then took steps to levy duties on all remaining Chinese imports.

China ordered the latest tariff increases in response to Trump’s move.

Related Coverage China to issue white paper on trade talks with U.S. on Sunday

Trump has accused China of breaking a deal to settle their trade dispute by reneging on earlier commitments made during months of negotiations. China has denied the allegations.

Beijing has grown more strident in recent weeks, accusing Washington of lacking sincerity and vowing that it will not cave to the Trump administration’s demands.

Its rhetoric has hardened particularly since Washington put Chinese company Huawei Technologies Co Ltd on a blacklist that effectively bans the firm from doing business with U.S. companies. </s> President Donald Trump slapped back at Beijing, tweeting that new U.S. tariffs, slated to go into effect Sept. 1, would be at a rate of 15%, up from the planned 10%.

The news followed Beijing’s announcement earlier Friday that it will place tariffs on $75 billion of U.S. imports, and it amounts to yet another escalation in the U.S. trade war with China. Just hours earlier, the president said U.S. companies were “hereby ordered” to find alternatives to making and procuring goods in China.

The Dow Jones Industrial Average closed down more than 620 points, or about 2.4%, on Friday. The S&P 500 and the Nasdaq Composite fell sharply as well.

It’s getting hard to keep track of the tariff salvos crossing the Pacific.

The U.S. has tariffs on about $250 billion of Chinese goods, in place since 2018. The tariff rate was 10% and was slated to go to 25% this past Jan. 1, a decision that was delayed by Trump as a sign of good faith in negotiations. Rates went up in May, however, because progress was slow.

The Office of the United States Trade Representative said Friday that tariff rate will now go to 30%, effective Oct. 1.

The president announced 10% tariffs on an additional $300 billon more Chinese imports via Twitter this month, but the U.S. later delayed putting those levies in place until September. Tariffs on some products, such as Apple (ticker: AAPL) iPhones, were delayed until the holiday shopping season, minimizing the impact on U.S. consumers.

The tariff rate on items not listed for holiday delays, most of the additional $300 billion in goods, will be at 15% on Sept. 1. That means that the vast majority of imports from China will be taxed at rates between 15% and 30%.

The trade war is heating up and all signs point to more volatility on Monday. </s> WASHINGTON (UrduPoint News / Sputnik - 24th August, 2019) The United States will increase on October 1 the imposed tariffs on $250 billion worth of Chinese goods from 25 percent to 30 percent as a response to China's new retaliatory tariffs, US President Donald Trump said in a statement.

"Starting on October 1st, the 250 billion Dollars of goods and products from China, currently being taxed at 25 percent will be taxed at 30 percent," Trump said via Twitter on Friday.

The US president also said the tariff on the remaining $300 billion worth of Chinese goods and services that will go into effect on September 1 will now increase from 10 percent to 15 percent.
President Trump announces an increase in the tariffs set to take effect on September 1, October 1 and December 15, from 10% and 25% to 15% and 30%, respectively. The Office of the United States Trade Representative says it will "begin the process of increasing the tariff rate to 30% effective October 1 following a notice and comment period".