Trump raises tariffs to 30% in tit for tat with Beijing

President says US doesn't need China and 'orders' companies to search alternatives

U.S. President Donald Trump answers questions from reporters in the Oval Office of the White House on August 20. In a sharp escalation of the trade war, the president raised tariff rates on Chinese goods on Friday. © Reuters

TAISEI HOYAMA and ISSAKU HARADA, Nikkei staff writers

August 23, 2019 21:43 JST

Updated on August 24, 2019 06:34 JST

WASHINGTON/BEIJING -- In a sharp escalation of the trade war, U.S. President Donald Trump said he will raise the tariff rate on both existing and planned levies on Chinese goods.

In a Friday afternoon tweet, after the U.S. stock market closed, Trump said that the existing 25% on $250 billion worth of goods will be hiked to 30% as of Oct. 1. The planned 10% tariff on the remaining $300 billion in goods will instead be 15%, he added.