The new tariff as the New York Times notes, would be in addition to the 25 percent levies that the Trump Administration has already imposed on $250 billion of Chinese imports.
The announcement of new tariffs came as Treasury Secretary Steven Mnuchin and U.S. Trade Representative returned from China, were they renewed trade talks, both sides, as CNN noted, said the talks had been productive with D.C., planning to hold another round of talks in early September.
It was after their briefing the President on the talks progress that President Trump decided to impose the tariff, he suspended in June following the G-20 summit.
Wall Street Journal explains the products likely impacted by the latest levy include, “smartphones, apparel, toys and other consumer products.”
WSJ also reported that the markets were rattled with the DOW erasing a 300 point gain. The market closed 281 points down.
Ahead of arriving for a campaign rally in Ohio, the President told reporters that it’s possible he could raise the new tariff beyond 25 percent.
During that same press gaggle, he again, wrongly states, that China is paying for the tariffs, not the American consumer.
WATCH: Pres. Trump addresses media on the South Lawn before departing for Ohio. https://t.co/iquzhWBKgm— ABC News (@ABC) August 1, 2019