US-China trade war escalates as Donald Trump further raises tariffs on Chinese products

Things are getting ugly between China and the US. In response to China imposing new tariffs on $75 bn of US imports, US President Donald Trump today announced new tariffs on Chinese import products in the US. Starting on October 1st, the 250 billion dollars of goods and products from China, currently being taxed at 25%, will be taxed at 30%. In addition, the remaining 300 billion dollars of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%.

Donald Trump has also “ordered” the US companies to find alternatives to China for their operations. “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..your companies HOME and making your products in the USA,” he tweeted. Shares of Apple, Amazon and others tech companies went down following Trump’s tweets.

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