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Trump Tweets Plans To Impose New Tariffs On Chinese Imports

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With the latest round of U.S.-China trade talks failing to result in a breakthrough, President Donald Trump has announced plans to impose a 10 percent tariff on the remaining $300 billion worth of Chinese imports.

Trump revealed the plan in a post on Twitter on Thursday shortly after U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin wrapped up trade talks in Shanghai.

"Our representatives have just returned from China where they had constructive talks having to do with a future Trade Deal," Trump tweeted.

He added, "We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing."

Trump accused China of failing to follow through on pledges to buy large quantities of U.S. agricultural products and stop the sale of Fentanyl to the U.S.

"Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country," Trump said.

He added, "We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!"

Trump noted that products targeted by the new tariffs do not include the $250 billion worth of Chinese goods already being tariffed at 25 percent.

On Wednesday, White House Press Secretary Stephanie Grisham described the latest U.S.-China trade talks as "constructive" and said negotiations on an enforceable trade deal were expected to continue in Washington, D.C., in early September.

The new tariffs announced by Trump represent the latest escalation in the trade war between the U.S. and China, which has led to increasing concerns about the outlook for the global economy.

The Federal Reserve's decision to cut interest rates by a quarter point on Wednesday was partly due to the potential impact of the ongoing trade dispute.

The move by Trump would also seem to violate the "trade truce" he reached with Chinese President Xi Jinping during the G20 Summit in Japan in late June.

(Photo: Gage Skidmore)

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