CNBC: Trump will raise tariff rates on Chinese goods in response to trade war retaliation
* President Donald Trump says the U.S. will hike tariffs on most imports from China as his trade war with Beijing escalates.
* The U.S. will raise duties on $250 billion in Chinese goods to 30% from 25% and increase tariffs on another $300 billion in products to 15% from 10%.
* Earlier, China announced new tariffs on $75 billion in U.S. goods, and Trump ordered U.S. companies to find an “alternative” to operating in China.
President Donald Trump will hike tariff rates on most imports from China in response to the latest shots in the trade war between the world’s two largest economies, he said Friday.
The White House will raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1, the president tweeted. The tariffs on another $300 billion in Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%, he added.
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WNU Editor: The Chinese are going to hold firm. But it is going to be very costly for them. It does not make any economic sense for a U.S. company to invest in China right now.
More News On The U.S. - China Trade War
The Latest: Trump announces new retaliatory tariffs on China -- AP
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Trump raises tariffs on Chinese goods as trade war escalates -- AP
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