Trump vows new tariffs on China, says Xi moving too slow on trade

Trump told reporters he could further ratchet up the tariff rate - even beyond 25% - depending on progress in talks with Chinese President Xi Jinping. "I think President Xi... wants to make a deal, but frankly, he's not going fast enough, " Trump said. - Reuters filepic

WASHINGTON: President Donald Trump said on Thursday he would impose a 10% tariff on the remaining $300 billion of Chinese imports starting Sept. 1, after negotiators failed to make progress in U.S.-China trade talks, sending shockwaves through U.S. markets.

The levies - which would hit a wide swath of consumer goods from cell phones and laptop computers to toys and footwear - ended a temporary truce in a trade war that has disrupted global supply chains and roiled financial markets for more than a year.