U.S President increases tariffs for Chinese imports

The move deepens a trade war that many fear could tip the U.S. and global economies into recession. The president said U.S. tariffs on $250 billion in Chinese imports will increase from 25% to 30% on October 1.

An additional $300 billion in Chinese goods will be taxed at 15%, instead of 10%, starting on September 1. The latest increase in tariffs means that the U.S. has hiked taxes on virtually all goods imported from China.

Mr. Trump also said he demanded U.S. businesses to "immediately start looking for an alternative to China. On Friday, the US stock market plunged, when its three major indices, namely the Dow Jones, the S&P 500 and Nasdaq, lost points amidst concerns about trade tension between the US and China./.