US President Donald Trump has announced he’ll increase tariffs on billions of dollars of Chinese goods and products in an extraordinary escalation of the trade war.
Trump lashed out after China announced retaliatory hikes on more than $100 billion of American products.
He took to Twitter and said: “For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more.
….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. As President, I can no longer let this happen!”
The US will raise tariffs on $250 billion of Chinese imports to 30 per cent from the current 25 per cent from October 1.
President Trump earlier ordered all American companies to abandon operations in China.
However, the president cannot compel American companies to abandon China and he gave no detail on how he might proceed with any such order.