China announces increase in duty on US $ 75 billion worth of goods

(PTI) Beijing, Ta. August 23, 2019, Friday

China has announced an increase in duty on US $ 8 billion in September in exchange for Trump's plan to put an additional ten percent duty on Chinese goods to $ 1 billion.

Today's announcement by China will further deepen the trade war between the two countries. According to China's official news agency, duty will be increased by 10 percent from September 1 and December 5 by 5 percent. However, China did not provide any details.

While the global economy is in recession, China's announcement has raised concerns for companies and investors. It is worth mentioning that China this week appealed to the United States to end the trade war through talks.

It is worth mentioning that after talks with China failed in May, US President Donald Trump announced that import duty on China's $ 2 billion worth of items would be increased.

However, just a few days ago, the US announced that ten percent import duty on some Chinese items would be increased from December 1 instead of September 3.

Reacting to China's announcement to increase duty on American goods, Donald Trump has asked American companies to look for alternatives to manufacturing their own goods in China. Trump has ordered American companies to change their production policies.

Trump has said that for the past few decades, China has been carrying large amounts of money from the United States to its own country which should be closed under any circumstances. Trump has said on Twitter that we order our great American companies to seek alternatives to China. They should leave China and manufacture their own products in the United States.