President Donald Trump said on Thursday that the US levied 10% duty on Chinese goods worth $ 300 billion effective September 1.
"The trade talks will continue, and during the talks, the US will start on September 1. The remaining $ 300 billion of goods and products coming into our country from China will be charged a small additional 10% duty look forward to continuing the positive dialogue with China on a comprehensive trade agreement, and believe that the future between us and China two countries will be very bright! "Trump said on Thursday in a tweet.
The surprise fare announcement came after the US and China resumed trading talks in Shanghai this week, the first personal trading talks since a G-20 truce. The White House said on Wednesday before this Trump tweet that the meetings were "constructive," adding that China reaffirms its commitment to boost purchases of US agricultural exports. According to the White House, trade negotiations in Washington will continue in early September.
The Dow Jones Industrial Average fell 200 points after the news and erased the 300-point gains earlier in the day.
It is unclear what has happened meant that Trump ended the truce for the trade war with these new tariffs. The tweet is the result of a Thursday morning meeting where the president received a report from Finance Minister Mnuchin and sales representative Robert Lighthizer about their meeting in Shanghai this week, a White House official told CNBC's Eamon Javers.
The commercial battle between the two largest economies in the world has dragged on for over a year and a half. Trump shocked markets in May by raising tariffs from 1
The purchase of US agricultural products by China remains a big sticking point in the trade dispute. but did not do it. "China insisted, however, that millions of tons of US soybeans had been shipped to China since July 19, and many companies had ordered American soybeans, cotton, pork, and sorghum.