• TRADE WAR: China, Trump ratchet up tensions with new tariffs

    By: Jamie Dupree

    Updated:

    On a day of big losses on the stock markets sparked first by China levying new tariffs on imports from America, President Donald Trump wasted no time Friday afternoon in announcing higher import duties against the Chinese, plunging the two countries even deeper into an economic standoff which could have negative worldwide ramifications.

    "China should not have put new Tariffs on 75 BILLION DOLLARS of United States product," the President tweeted about an hour after the close on Wall Street, where the Dow Jones dropped over 600 points.

    "Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%," the President wrote. 

    "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%," he added.

    The President also called on American companies to take their manufacturing businesses out of China, arguing that the United States was the victim of an 'unfair Trading Relationship.'

    "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA," Mr. Trump tweeted.

    The White House did not provide any explanation as to how the President would have the power to force U.S. companies to abandon their manufacturing operations in China.

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