Trump heaps another 5% tariff on Chinese goods in latest tit-for-tat escalation

  • 25/08/2019
Trump heaps another 5% tariff on Chinese goods in latest tit-for-tat escalation

U.S. President Donald Trump hit a new spin of Chinese tariffs on Friday, imposing an extra 5% fee of about $ 550 billion on targeted Chinese products during the last escalation of the trade confrontation by the two leading economies in the globe.


The Trump movement, announced on Twitter, happened a few hours after China introduced retributive tariffs for US products valued $ 75 billion, suggesting the president to require from US forms withdraw from China at the start of the day.

A growing trade war between the United States and China has sparked market concerns that the international economy will turn into a recession, causing US stocks to end up in a tailspin, the Nasdaq Composite .IXIC to fall by 3% and the S & P 500 .SPX to drop by 2.6% .

US Treasury yields also dropped as investors sought safe haven assets, and the crude oil that Chinese tariffs targeted for the first time plummeted.

Trump's tariff reaction was released after markets closed on Friday, which could lead to even greater damage the following week.

“Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer,” Trump said on Twitter. “As President, I can no longer allow this to happen!”


Related articles