President Trump says he will impose a new 10% tariff on $300B of Chinese goods starting Sept. 1.
China shot back on Friday after President Donald Trump announced on Twitter that the U.S. would impose an additional 10 percent tariff on $300 billion in Chinese imports starting next month.
Chinese shares plummeted, and the yuan, its currency, fell to its lowest since November in early trading.The trade war between China and the U.S., the world's two largest economies, has rocked markets across the world for the last year and a half. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin have just returned from trade talks in Shanghai, where little progress appeared to have been made. The negotiations reportedly ended early. A new meeting has been set up for September, the White House said earlier this week.
"We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!" he wrote. Negotiations between the two sides stalled in May, after Beijing reportedly sent Washington a 150-page document that reneged on several previous concessions. That led to Trump hiking tariffs on $200 billion of imported Chinese goods to 25 percent, bringing the total levied at that rate to $250 billion.
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