August 2, 2019 | Investopaper
US President Donald Trump has further ignited the trade war between the US and China amidst attempts from both countries to resolve the matter. Trump announced on Twitter that he will impose another 10 percent tariff on $300 billion Chinese imports effective from September.
The country were holding bilateral talks but they could not make a breakthrough. This will impose tariffs on goods ranging from smartphones to clothing. China has criticized the movement of the US to impose more tariffs on Chinese goods. China’s Foreign Minister Wang Yi said- “Adding tariffs is definitely not a constructive way to resolve economic and trade frictions, it’s not the correct way”.
Trump’s action has already influenced the stock market of the country. Tech giant Apple’s share price fell by more than 2 percent after the declaration came this Thursday.