New round of US tariffs on Chinese products fuels trade tensions
United States President Donald Trump announced a new round of tariffs on Chinese products, fueling the ‘trade war’ between the two economic giants. The next round of duties are scheduled to take effect on September 24. A 10% duty will be applied to 200 billion dollars of Chinese imports, and the figure could rise to 25% in 2019. The tariffs would hit nearly all other consumer products including mobile phones, shoes and clothes. The latest round of duties comes on top of a 25% tariff already imposed on about 50 billion dollars in Chinese goods, which spurred counter-tariffs from Beijing. China plans to retaliate on the latest tariff round by slapping levies on 60 billion dollars of American goods. In parallel, China also demanded the U.S. to withdraw the penalties it placed on a Chinese defense agency and its director for purchasing Russian weapons in violation of American sanctions. Walmart, the largest US retailer, is sounding the alarm on President Donald Trump’s trade measures, saying it is “very concerned” about the possible impacts the newly announced tariffs will have on American consumers.