Stocks sink after Trump announces tariffs on more Chinese goods

Stocks sink after Trump announces tariffs on more Chinese goods

Another meeting between the USA and China is set for September in Washington, D.C.

Trump added, "More recently, China agreed to buy agricultural product from the large quantities, but did not do so".

The president has already imposed 25% tariffs on $250 billion in Chinese imports.

President Donald Trump tweeted Thursday that he will add a new tariff on $300 billion of Chinese-made products on September 1, which would effectively put a tax on all Chinese goods coming into the United States.

The new round of tariffs is expected to take effect on September 1.

United States and Chinese negotiators ended a brief round of trade talks in Shanghai on Wednesday with little sign of progress and agreed to meet again in September, prolonging a truce in a year-long trade war between the world's two largest economies.

The levies - which would hit a wide swath of consumer goods from cell phones and laptop computers to toys and footwear - ratchet up tensions in a war of tit-for-tat tariffs that have disrupted global supply chains and roiled financial markets for more than a year.

Trump issued the tariff threat in a series of tweets.

"Our representatives have just returned from China where they had constructive talks having to do with a future trade deal", he said. "The fact is we'll surely get a reaction from Beijing".

Trump's remarks came just after a U.S. delegation met with Chinese officials earlier this week, the first in-person talks to be had since officials' May breakdown.

China has already put its own tariff on $110 billion worth of USA products and services, in retaliation for previous US tariffs.

The president has noted on Twitter that this round of tariffs could hit large US corporations like Apple.

China manufactures most of the fentanyl and fentanyl analogues found in the United States.

Washington and Beijing have been locked in a trade dispute for more than a year, after the Trump administration slapped punitive tariffs on the Chinese regime for failing to address longstanding unfair trade practices including theft of USA intellectual property, forced technology transfer, and currency manipulation. Soybean futures opened lower on Thursday as traders shrugged off the small amount, and losses accelerated after Trump's tweets.

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