US to slap 10% tariff on $300 bn more in Chinese goods: Trump

US President Donald Trump on Thursday announced that 10 percent tariffs on another USD 300 billion in Chinese imports would take effect next month, escalating the trade war between the world's two biggest economies as recent negotiations faltered. Trump tweeted that "the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country."

Trump also complained that China had failed to follow through on what had been touted as two sweeteners in the tense negotiations -- a surge in purchases of farm produce and a halt in sales of the opioid fentanyl. Trump said, however, that "trade talks are continuing."