Trump threatens 10% tariffs on China; stocks plummet on news

Trump threatens 10% tariffs on China; stocks plummet on news

Trump threatens 10% tariffs on China; stocks plummet on news

Mr. Trump said the levy is on top of the heftier tariffs affecting more than $250 billion in imports.

The new tariffs, which are set to take effect September 1, represent another ratcheting up in trade tensions between the countries and sent stocks falling sharply.

The move comes days after U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin traveled to Shanghai for a brief meeting about trade with Chinese officials.

Major U.S. stock indexes were down almost 1%, with the Dow Jones Industrial Average down 238 points in afternoon trading.

Trump issued the tariff threat in a series of tweets.

Trump said that starting September 1, "putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country".

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The president, in a series of tweets, said the Chinese regime has failed to deliver on a pledge to buy more USA agricultural products as part of his agreement with Xi to restart talks. The two sides confirmed they had discussed increasing Chinese imports of USA agricultural products, which have fallen dramatically this year, and that they would meet again in September in Washington. Ten-year Treasury yields dropped to the lowest level in three years. "Many Americans continue to die", Trump said in a tweet.

USA interest rate futures rallied as traders piled on bets that the central bank will cut rates two more times by year's end and reduce them further next year to offset risks from the escalating trade war.

Earlier this week, President Trump accused China of dragging its heels in trade negotiations in hopes that a different president would be elected. China rejected the claims, with the state-owned Xinhua news agency reporting that millions of tons of U.S. soybeans have been delivered to China since July 19, with local businessmen also looking to purchase cotton, pork and sorghum.

Trump had been pressing Xi to crack down on a flood of fentanyl and fentanyl-related substances from China, which US officials say is the main source of a drug blamed for most of more than 28,000 synthetic opioid-related overdose deaths in the United States in 2017.

The U.S. Department of Agriculture confirmed a small sale of soybeans to China on Thursday, the first in more than a year.

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