Madagascar Development

Beijing (CNN) The US-China trade war ratcheted up yet again on Friday, with Beijing unveiling a new round of retaliatory tariffs on about $75 billion  worth of US goods . China will place additional tariffs of 5% or 10% on US imports starting on September 1st, according to a statement posted by China's Finance Ministry. The Ministry also announced plans to resume tariffs on US imports of automobiles and automobile parts. The tariffs would be 25% for vehicles or 5% on parts, and would take effect on December 15th. The new tariffs will target 5,078 products, including soybeans, coffee, whiskey, seafood and crude oil. Last week, China said it would take countermeasures after the United States announced it would impose 10% tariffs on Chinese imports worth $300 billion. The United States  postponed the implementatio n of about half of those tariffs, which will cover several categories of Chinese-made consumer goods, until December. They had been due to take effect in Septemb

President Donald Trump announced in a series of Twitter posts on 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 $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 15%. And starting October 1, the $250 billion worth of Chinese imports currently taxed at 25% will be taxed at 30%, Trump said. Trump’s announcement came about an hour after market close Friday. Earlier in the session, the Dow fell more than 700 points intraday after Trump wrote in Twitter post that he was ordering U.S. companies to “immediately start looking for an alternative to China” in their business operations. Donald J. Trump ✔ @realDonaldTrump  ·  10 m For many years China (and many other countries) has been taking advantage o

China is stepping away from further U.S. farm imports and said it doesn’t rule out more tariffs after President Donald Trump ratcheted up tensions with its biggest agricultural trading partner last week. The Chinese government has asked its state-owned enterprises to suspend purchases of U.S. agricultural products, people familiar with the situation said. Also, privately run Chinese crushers that had received retaliatory-tariff waivers on American soybeans from Beijing have stopped buying the commodity due to uncertainty over trade relations, other people said. Chinese buyers have turned to South American soybeans and the Asian nation said it doesn’t rule out for now taxing American agricultural goods that were traded after Aug. 3, the Commerce Ministry said in a statement on its website. The ministry also confirmed relevant Chinese firms have stopped purchasing American agricultural goods. resident Trump on Thursday proposed adding 10% tariffs on another $300 billion in import