The US President Donald Trump is to impose a new 10 % tariff in China imports. The new taxes, would be imposed beginning September 1st and would include for example smart-phones, laptop computer and children’s clothing.
According to Bloomberg, they will come on top of the 25% duty in place already on some $250 billion in Chinese goods and mean that almost all trade with China will be subject to new taxes.
The US President Donald Trump and the Chinese President Xi Jinping, met last time in Osaka at the end of June. The coming G7 meeting in France, in Biarritz, at the end of August, the 24 to 26 August, might also provide a possibility to continue the locked trade talks.
The Financial markets tumbled to the new tariffs news in Wall Street yesterday and in Asia today. For example the Nikkei-index was trading over 2 % lower and Shanghai-index over 1,7 % lower.