That didn’t take long.
This afternoon President Donald Trump said he would raise tariffs to retaliation to this morning’s move by China to impose a new 10% tariff on $75 billion in U.S. exports to China.
Trump’s move would increase tariffs already in effect on $250 billion in imports from China to 30% from 25% on October 1. An additional $300 billion in Chinese goods will see tariffs of 15% on September 1 rather than the 10% rate announced previously.
It’s not clear how Trump’s decision earlier the week to exempt some of that $300 billion in Chinese exports from tariffs until December 15 would mesh with the new higher rates set for September 1.
