President Donald Trump announced in a series of Twitter posts Friday that he would be imposing a higher rate of tariffs on some Chinese imports, after China earlier in the day said it would be slapping tariffs on another $75 billion worth of U.S. goods.
The additional levies are set to roll out in two tranches. The $300 billion worth of imports from China that were set to be taxed at a 10% rate on September 1 will now be taxed at a 15% rate. And starting October 1, the $250 billion worth of Chinese imports currently taxed at 25% will be taxed at a rate of 30%, Trump said.
The Office of the U.S. Trade Representative followed up with a press release reiterating Trump’s new tariff announcements shortly after the Twitter posts.
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