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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 Se...

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 ad...

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...

China's growth slowed to its weakest pace in almost three decades in the second quarter, with the US-China trade war and weakening global demand weighing on the world's number-two economy, official data showed Monday. The slowing economy makes it more difficult for President Xi Jinping to fight back forcefully against Washington -- which is using tariffs as leverage to try to force Beijing into opening up its economy. The 6.2 percent figure released by the National Bureau of Statistics was in line with a survey of analysts by AFP and down from a 6.4 percent expansion in the first quarter. The GDP figures are within the government's target range of 6.0-6.5 percent for the whole year, down from the 6.6 percent growth China put up in 2018. "Economic conditions are still severe both at home and abroad, global economic growth is slowing down and the external instabilities and uncertainties are increasing," said NBS spokesman Mao Shengyong. "The economy ...

Just two weeks ago, the United States and China seemed to be gliding toward a trade deal meant to resolve tensions between the world’s two largest economies. But the  breakdown  in talks since — the United States raised tariffs to 25 percent on $200 billion of Chinese imports, for example, and is threatening to tax an additional $300 billion — worries people who study international economic diplomacy. That’s because both the United States and China seem to be digging into their positions in ways that will be hard to resolve with the mutual face-saving that typically turns high-stakes negotiations into deals. To use a common negotiating metaphor, it is not clear what the off-ramps might be that would allow a de-escalation and prevent a major trade war that would prove costly to both nations. In effect, President Trump appears to view continuing tension with China as good for him politically and has said, contrary to the view of mainstream economists, that tariffs are ...

Deepening a trade battle and sending financial markets into a tailspin, China announced Monday it was raising tariffs on $60 billion of U.S. goods in retaliation for the latest hike in U.S. tariffs on its exports. The Finance Ministry said Monday the new penalty duties of 5% to 25% on hundreds of U.S. products including batteries, spinach and coffee will take effect June 1. That followed Trump's increase on Friday of duties on $200 billion of Chinese imports from 10% to 25% after charging that China had backtracked on commitments it made in earlier negotiations in a dispute over Beijing's technology ambitions and perennial trade surplus. Resuming his messages over Twitter early Monday, President Donald Trump warned Chinese President Xi Jinping (shee jihn-peeng) that China "will be hurt very badly" if it doesn't agree to a trade deal. Trump tweeted China "had a great deal, almost completed, & you backed out!...