Trump slaps fresh tariffs on $200B of Chinese goods

President Donald Trump on Monday escalated the U.S.-China trade war by announcing new tariffs on about $200 billion of Chinese imports.

The move, which had been expected since at least the weekend, imposes 10 percent tariffs on the products. The levies will climb to 25 percent beginning Jan. 1, 2019. The Trump administration also threatened to pursue additional tariffs on $267 billion worth of Chinese goods if Beijing retaliates against farmers or other U.S. industries.

"As President, it is my duty to protect the interests of working men and women, farmers, ranchers, businesses, and our country itself.  My Administration will not remain idle when those interests are under attack," Trump said in a statement.

Prospects for the new tariffs have weighed on global stocks, with all three major U.S. stock market indexes lower Monday.

Since the world’s two largest economies began a trade war with each other, their governments have imposed 25 percent tariffs on $50 billion of each other’s products.

China had issued a list of another $60 billion of U.S. goods for retaliation if the U.S. proceeds with more tariffs.

The latest escalation in the conflict follows an Aug. 22 meeting in Washington, D.C., of trade officials from the two countries, though no progress was reported.