US imposing new tariffs on $200 billon of Chinese goods

U.S. President Donald Trump said Monday that the U.S. is slapping 10 percent tariffs on $200 billion worth of Chinese imports and the rate will increase to 25 percent on Jan. 1.

Trump said in a statement that the latest round of tariffs would take effect on Sept. 24.

The latest move means the U.S. has now levied tariffs on $250 billion worth of Chinese goods.

Trump also threatened to impose tariffs on $267 billion of additional imports from China if Beijing takes retaliatory action against American farmers or other industries.

"China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property – such as forcing United States companies to transfer technology to Chinese counterparts. These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy," Trump said in the statement.

The president claimed the U.S. has urged China to change its so-called unfair practices and that Washington has given Beijing every opportunity to treat the U.S. more fairly.

A new round of talks between the U.S. and China were being planned for the near future, but White House chief economic adviser Larry Kudlow said earlier that Trump "has not been satisfied" with trade talks between the two countries.

While Trump has long argued that America’s rising trade deficit stems from previous administrations’ trade agreements with other countries, he is also trying to end the trade conflict with Beijing before the mid-term elections in November.

"Hopefully, this trade situation will be resolved, in the end, by myself and President Xi [Jinping] of China, for whom I have great respect and affection," Trump said in the statement.