WASHINGTON (Reuters): US President Donald Trump vowed to impose a 10 percent tariff worth $300 billion on Chinese imports from 1st September.
In an interview, US President said that China has always manipulated its currency to combat US tariffs.
He further said that on one hand, Chinese products are being sold in the US and on the other hand American manufacturers are not being sold there.
Trump later said that if trade negotiations fail to progress, the tariffs may further raised by 25 percent.
On Friday, the news o tariff being increased hit US financial markets hard. Asian stocks took a battering and the safe-haven yen jumped as investors rushed for cover.
So far, Beijing has refrained from slapping tariffs on US crude oil and big aircraft, after cumulatively imposing additional retaliatory tariffs of up to 25 percent on about $110 billion of US goods since the trade war broke out last year.
Up until now, Beijing has refrained from slapping taxes on US after cumulatively imposing additional retaliatory tariffs of up to 25 percent on about $110 billion of US year ago.
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