Trump more than doubles tariffs on Chinese goods

The United States has more than doubled tariffs on imports from China and Beijing has vowed to retaliate, escalating a trade war between the world's two largest economies.

US President Donald Trump increased tariffs on $200 billion worth of Chinese from 10 percent to 25 percent on Friday, as the two sides pursue last-ditch talks to try salvaging a trade deal.

US Customs and Border Protection imposed the new 25 percent duty on affected US-bound cargoes leaving China on Friday, involving more than 5,700 product categories.

The Trump administration had imposed 25 percent tariffs separately on $50 billion category of Chinese machinery and technology goods.

Trump warned on Sunday he would raise tariffs after US Trade Representative Robert Lighthizer told him China was pulling back from some commitments it made previously during negotiations.

The president also said he would target the remainder of Chinese goods with 25 percent tariffs "shortly." The US imported about $540 billion worth of goods from China in 2018.

The US and China have been engaged in intense negotiations to end a months-long trade war that has rattled global markets.

Trump, who has set the bar for a trade deal extremely high, has repeatedly accused China of unfair trade practices that have hollowed out American manufacturing.

The Trump administration is demanding China make deep structural changes, including changes to how Beijing treats US companies and its own state-owned enterprises.

US stock futures fell and Asian shares pared gains after the US tariff hike, with investors worried that a protracted trade war could hamper global economic growth.

SS