Trump weighs 7.5% new tariff on China over excess capacity

President Donald Trump is moving toward levying a new tariff on China that would penalise the world’s second-largest economy for flooding the global market with underpriced goods, according to three people familiar with the matter. Two of the people, who spoke on condition of anonymity to discuss internal deliberations still being finalised, said Trump is considering setting the new tariff at 7.5 per cent. It’s a level administration officials believe would not endanger the one-year trade truce between Washington and Beijing or a planned White House meeting between Trump and Chinese President Xi Jinping expected to take place in late…