Donald Trump Strikes Back at China with Higher Tariffs

Global stocks tumble yen rallies as Trump threatens to counter new China tariffs

Products being taxed at 10 percent will increase to 15 percent, starting September 1.

"I won't let that happen!" wrote Trump, who also said he "hereby ordered" American companies to seek alternatives to doing business in China.

Trump tweeted that starting October 1, $250 billion worth of goods from China now being taxed at 25% will face tariffs of 30%.

- Donald J. Trump (@realDonaldTrump) August 23, 2019.Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%.

The United States imports many more products from China than the communist nation imports from the U.S.

President Donald Trump announced this afternoon an increase on China tariffs, following the retaliatory tariffs announced by China today.

The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP.

"We've been losing hundreds of billions of dollars a year to China".

For example, by stating that Chinese theft of USA companies' intellectual property constitutes a national emergency, Trump could order US companies to avoid certain transactions, such as buying Chinese technology products, said Tim Meyer, director of the International Legal Studies Program at Vanderbilt Law School in Nashville.

The Dow lost more than 600 points to close with a loss of 2.4%.

Trump has repeatedly said that Democrats like former Vice President Joe Biden would likely cave to China if he won the presidency in 2020.

But the influential US Chamber of Commerce urged the two sides to return to the negotiating table to find a solution.

"Sleepy Joe doesn't have a clue", Trump told reporters on Wednesday.

It was unclear under what authority Trump could demand that private companies alter their production.

The president said Friday he would act alone to respond to China, questioning whether Powell was an "enemy" in the trade fight.

Every time the president rage-tweets about "America First" economics or makes unverified promises about how his tariffs will bring jobs back to the United States, what he's really saying is that the federal government knows how to construct global supply chains better than private businesses do. The tariffs would be 25% or 5%, and would take effect on December 15th.

Now some products from China taxed at 25 percent will be taxed at 30 percent, and products taxed 5 percent will be taxed 10 percent.

Federal Reserve Chair Jerome Powell warned in a speech Friday that trade tensions were exacerbating the global slowdown and the central bank does not have a "rulebook" for dealing with the fallout.

But he also vowed to "act as appropriate" to sustain the sustain the United States economy.

An alarm bell went off in the US Treasury bond market last week when 10-year bond yields briefly fell below the yields offered on a two-year bond - seen as a sign of looming recession - and it happened again Friday.

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