The US and Chinese governments have announced major new tariffs on each others' goods, a dramatic escalation in trade tensions that has alarmed investors and sent stocks plunging.The Dow Jones Industrial Average slumped by 623 points, or two per cent, on Friday, local time, and the S&P 500 fell by a similar amount.
"The administration's approach clearly isn't working, and the answer isn't more taxes on American businesses and consumers.Donald Trump and Chinese President Xi Jinping have dramatically escalated their trade war.Trump also ordered US businesses to immediately seek alternatives to manufacturing their goods in China and accused the Chair of the US Federal Reserve of being an enemy of America.
It gave no details of what goods would be affected but said duties would rise on US-made cars and auto-parts. Brian Riedl, a budget expert at the Manhattan Institute, a conservative think-tank, said he was "baffled" by the instruction. Trump believes the Federal Reserve has suppressed economic growth by keeping interest rates too high.
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