After China announced that it would impose retaliatory tariffs on US goods, President Donald Trump responded, saying on August 23 that would increase rates on existing tariffs on Chinese goods. According to the President’s tweet, Chinese goods that currently have a Sec. 301 tariff of 25% will be increased to 30% and those which are to be subject to a 10% rate beginning September 1 will be subject to 15%. The President said US companies should move operations from China in response to their retaliatory tariffs. He also stated that the International Economic Emergency Powers Act gave him the authority to order US companies out of China.
