Trump wants to support farmers here in the US suffering from the ongoing trade war with China with 12 billion dollars. He announced this during his meeting with Hungarian Prime Minister Viktor Orban. In a first step, the U.S. had increased its tariffs on imports from China worth $200 billion from 10 to 25 percent. In a second step, tariffs are to be extended to additional goods produced in China worth $325 billion – which will in essence affect all imports from China.

China, in turn, has announced an increase in tariffs on $60 billion worth of U.S. goods. As a result, negotiations with China ended without a breakthrough or plan for further talks, stock markets here and China slumped.

The new tariffs where in upped to 25 percent for goods like cotton, machinery and grain. Tariffs on aircraft parts and optical instruments double to 20 percent.