US President imposes new tariffs on China

(VOVWORLD) - US President Donald Trump will impose 10% tariffs on 200 billion USD worth of Chinese imports next Monday, and those duties will rise to 25% at the end of the year. 

The action, announced by the Trump administration Monday, escalates a trade conflict between the world's 2 largest economies.

The White House said the announcement was made based on a survey proving that China has unfair policies and activities related to American intellectual property and technology. Trump said if China retaliates against US farmers or other sectors, he will immediately start phase 3, which involves tariffs on approximately 267 billion USD worth of additional imports.

On Sunday, a Chinese official said China might refuse to attend trade negotiations with the US scheduled for this month if Trump imposes additional tariffs on Chinese products.