Trump to Increase Current Section 301 Tariffs to 30 Percent on Oct. 1; Upcoming Tariffs Upped to 15 Percent
The U.S. will on Oct. 1 raise its existing Section 301 tariffs on the first three lists of $250 billion in imports from China from 25 percent to 30 percent, said President Donald Trump in a series of tweets Aug. 23. The next set of tariffs set to take effect beginning Sept. 1 on $300 billion in imports from China will also be increased from 10 percent to 15 percent, Trump said.
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The increases come in response to Chinese retaliatory tariffs announced Aug. 23 on $75 billion in U.S. exports. Trumps announcement did not distinguish between the list four tariffs that take effect Sept. 1, and the second set that will take effect Dec. 15.
“Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer,” Trump said. “As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very unfair trading relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!)"