Trump's new tariffs may set stage for more Fed rate cuts

Trump says he will impose new tariffs on $300 billion in Chinese imports starting next month, ending brief cease-fire in trade war

It marked the first face-to-face discussions between the two countries since failed negotiations almost three months ago, leading to Trump's tariff hike from 10% to 25% on $200 billion worth of Chinese imports and a threat to increase levies on another $300 billion worth of products.

Trump said USA trade officials were making progress in talks with China, securing a promise to buy more agricultural products from the United States and stem what he says is a flow of the drug fentanyl into the U.S.

President Donald Trump has announced new tariffs on $300 billion in Chinese imports, sending the Dow Jones down almost 200 points, or 0.74%, in Thursday afternoon trading.

USA stock prices fell after Trump's announcement, with the Dow Jones Industrial Average falling into negative territory.

President Trump announced additional tariffs on imports from China on Thursday. "This does not include the 250 Billion Dollars already Tariffed at 25%", he continued.

Stephen Lamar, executive vice president of the American Apparel & Footwear Association, told Reuters the tariffs would be "hugely disruptive", and would drive prices for consumers higher since they can not easily be absorbed in the supply chain. "Tariffs are taxes, and this move will noticeably raise the cost of shoes at retail and will have a chilling effect on hiring in the footwear industry".

Moments prior to the final stock numbers, Trump told reporters outside the White House that he was not concerned about the drop in Dow stocks. Benchmark U.S. Treasury yields also fell.

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Trump wrote, again accusing Chinese officials of reneging on promises, a charge they deny.

The United States and China have been locked in a trade war marked by tit-for-tat tariffs since previous year.

The talks ended on Wednesday with little sign of progress, although both countries described the negotiations as constructive.

The drag those tariffs and other Trump trade policies have had on business sentiment and investment was a key driver of the Fed's decision this week to cut interest rates for the first time since the financial crisis.

Another round of negotiations has been scheduled for September.

He said he thinks that Chinese President Xi Jinping wants to make a deal, "but frankly, he's not going fast enough".

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