US President Donald Trump on Thursday announced that 10 per cent tariffs on another USD 300 billion in Chinese imports would take effect next month, escalating the trade war between the world's two biggest economies as recent negotiations faltered.
Trump tweeted that "the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country."
Trump also complained that China had failed to follow through on what had been touted as two sweeteners in the tense negotiations -- a surge in purchases of farm produce and a halt in sales of the opioid fentanyl. Trump said, however, that "trade talks are continuing."
Earlier on Tuesday, Trump had said that China was "dying" to make a trade deal with him but it is up to him whether or not finalise it, as the top officials of the two countries restarted negotiations in Shanghai after the talks stalled in May.
Treasury Secretary Steven Mnuchin and US Trade Representative Rober Lighthizer kicked off their latest round of talks with their Chinese counterparts on a potential trade deal. Washington and Beijing have so far hit each other with punitive tariffs covering more than USD 360 billion in two-way trade.
"China is dying to make a deal with me. But whether or not I'll do it, it's up to me. It's not up to them," Trump told reporters at the White House. He was responding to a question on the progress being made on talks between the two countries to hammer our bilateral trade deal.