US President Donald Trump has announced $750 billion worth of tariffs on Chinese goods, causing the Australian dollar and stock market to fall.

President Trump announced the tariffs as trade talks between the two countries continue to drag on.

….of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!

— Donald J. Trump (@realDonaldTrump) May 5, 2019

Ex-Ambassador to China Dr Geoff Raby tells Ross Greenwood Australia will certainly be impacted if the tariffs are applied.

“Any major disruption to trade flows as a result of this new round of tariff increases would greatly destabilise the global economy, and you see markets responding accordingly today.

“Anything that harms China’s economic growth will harm Australia.”

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