United States President Donald Trump announced on Monday a new set of import tariffs to be imposed on $200 billion worth of Chinese products. Trump is introducing a 10% duty on $200 billion more of Chinese goods starting September 24 and he is planning to raise the duties to 25% by the end of the year. The White House stated that approximately 300 goods previously planned to fall under the punitive measures would be excluded from the tariffs, including smart watches, bicycle helmets, and high chairs.
Speaking at the White House earlier in the day, Trump stated that US trade deficit with China is too big. "We can't do that anymore," he claimed and added there would be "a lot of money coming into the coffers" of the country.
The decision to go through with the trade duties comes despite reports of a new round of trade talks in the works. A report emerged earlier in the day that Beijing plans to halt the new talks if Trump proceeds with new tariffs.
