The United States will increase tariffs on Chinese imports by five percentage points after Beijing announced retaliatory import duties on U.S. goods earlier in the day, U.S. President Donald Trump announced via Twitter on Aug. 23. Specifically, Washington will raise tariffs on an existing list of $250 billion worth of Chinese goods from 25 to 30 percent on Oct. 1 and impose new tariffs on another $300 billion of imports starting Sept. 1 at 15 instead of 10 percent.