US president says he expects to move ahead on plans to raise tariffs to 25% from 1 January
Donald Trump has raised the stakes in the escalating global trade dispute between the US, China and some of America’s traditional allies ahead of a major gathering of world leaders this week.
Ahead of the G20 meeting in Argentina, which begins on Friday, the US president used a newspaper interview to warn China that he expects to move ahead on the imposition of higher import tariffs on Chinese goods.
The news sent shares lower in London and New York on Tuesday, after Trump told the Wall Street Journal it was “highly unlikely” that he would heed a call by Beijing to refrain from increasing the tariffs from the start of next year.
It paves the way for the existing 10% US import tariff on $200bn (£158bn) of Chinese goods to increase to 25% from 1 January.
