Donald Trump has moved to slap a 10 per cent tariff on about $200bn in Chinese imports beginning next week and threatened to increase the rate to 25 per cent in 2019 if no deal is reached to ease trade tensions between the US and China.
The move by Mr Trump — which China has vowed to reply with its own round of retaliatory levies — represents a sharp escalation in the commercial confrontation with Beijing, plunging the global economy into treacherous waters.
The US has already imposed levies on about $50bn of Chinese imports this year, mainly steel and aluminium products, but the addition of tariffs on a further $200bn would sharply increase the economic impact to the point where duties will cover about half of all Chinese imports.
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