Trump announces more tariffs on goods made in China

The 10 percent levy effectively means all US-bound Chinese products will be taxed.

The US plans to add more tariffs to Chinese imports starting September 1st. President Donald Trump made the announcement on Twitter, stating the nation would impose a 10 percent tariff on $300 billion worth of Chinese goods, in addition to an existing 25 percent tariff on $250 billion of imported items. He said the tariff would be enforced after China didn't meet a promise to buy more American agricultural goods. He also claimed China, despite saying it would, failed to stop fentanyl sales to the US.

The latest levy is likely to intensify a trade war with China, which seems likely to respond with tariffs of its own. The 10 percent tariff effectively means all Chinese goods coming into the States will be taxed, and that cost will surely be passed onto consumers. So, devices made in China might well be more expensive for the foreseeable future.

Sony, for instance, has warned that tariffs may force it to increase the price of PlayStations, while some other giants such as Google and Nintendo are reportedly moving production to other parts of Asia. Foxconn has said it could make iPhones bound for the US outside of China too.