Following an announcement by China of new retaliatory tariffs on U.S. imports, President Trump directed the United States Trade Representative (USTR) to raise the 25 percent tariffs on approximately $250 billion worth of Chinese imports to 30 percent, on October 1.  The 10 percent tariffs on roughly $300 billion worth of Chinese imports that went into effect on September 1 were increased to 15 percent as well. These tariffs are scheduled to be further increased in the coming months. Amid the escalating trade war, trade officials from the U.S. and China have reportedly agreed to meet in Washington, D.C. in October to begin a new round of trade talks.