Trump announces higher tariffs on Chinese goods

06 May, 2019, 04:38 | Author: Frank Williams
  • Trump says he will increase tariffs on Chinese goods on Friday as he complains about pace of trade talks

Trump had previously delayed the tariff increases earlier in the year, citing productive talks with China.

There was no immediate reaction from China about Trump's announcement.

"The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!"

"That may not be forever if the talks don't work out", he said.

Trump said on Twitter that tariffs will increase to 25 per cent on Friday and that more Chinese goods will face additional tariffs.

The US president originally imposed a 10 percent tariff on these goods in September that was due to rise in January, but postponed this as negotiations advanced.

USA officials, including the president, have often said that while the talks have been going well it was still possible a deal would not be struck.

More news: President Trump still confident deal will be reached with North Korea

"The Tariffs paid to the U.S. have had little impact on product cost, mostly borne by China".

Trump's action came as a major Chinese delegation is expected to arrive Wednesday in Washington for the latest round of talks to end the trade war between the world's two biggest economies - a round billed as the last one and possibly leading to a deal to end the conflict.

The United States first imposed tariffs on $50 billion worth of Chinese goods as a punitive measure. But Trump and Chinese leader Xi Jinping agreed to a truce in December to refrain from further escalation. Treasury Secretary Steve Mnuchin called the previous April talks between the US and China "productive". -China trade deficit by fair trade.

Chinese officials have surprised USA negotiators by appearing to backtrack on several points that the US thought had already been agreed to, including steps to crack down on cyber-hacking and state-subsidies to companies owned partly or wholly by the Chinese government, according to people familiar with the matter.

American businesses say they agree with the administration's efforts to push for a more level playing field in China, but they also say the tariffs have hit them hard, Tim Stratford, the chairman of the American Chamber of Commerce in China, told The New York Times.

According to estimates in a May 5 Bloomberg report, US tariffs have resulted in a 0.5 percent decrease in China's GDP growth in 2019 thus far.

Any sign of an escalation in the months-long trade war is nearly sure to roil financial markets, which have reacted sensitively to developments in the talks between the world's two largest economies.

Recommended:



Popular

NBA Tipoff: Celtics, Blazers aim to protect home court after road wins
The Blazers, in the conference semifinals since 2016, have won the last two games after second-seeded Denver's victory in Game 1. Milwaukee's 40 third-quarter points were the most scored by either team in a single period in the series.

Interference? Experts explain controversial Derby decision
Being a Kentucky Derby victor - or better yet a Triple Crown victor - increases the value of a stallion's price as a sire at stud. Maximum Security , ridden by Luis Saez, finished first Saturday in the 145th Kentucky Derby at Louisville's Churchill Downs.

Upcoming Movies That Could Beat Avengers: Endgame At The Box Office
The gap is small enough that the final numbers could end up breaking that record, but we'll have to wait until Monday for that. The movie passed the $ 2 billion mark globally in only 11 days, something that Avatar achieved in 47 days.

Country House wins Kentucky Derby after favorite DQ'd
In the century-plus long history of the race, no horse that finished first has ever had the run overturned. The 151st Belmont Stakes will round out NBC's coverage of the Triple Crown on June 8.

737 carrying 142 people lands in river in Jacksonville, Fla
The flight arriving from Naval Station Guantanamo Bay went into the river at the end of the runway at about 9.40pm local time. Based off of a Tweet from the Jacksonville Sheriff's Office, the aircraft is not submerged and is resting in shallow water.

A Man Survived a 70-Foot Fall into Hawaii's Kilauea Volcano
The man was transported to an open area of the park and airlifted to Hilo Medical Center, where he was treated for his injuries. A tourist in Hawaii fell into the most unsafe volcano in the entire United States, and somehow managed to survive.

Russia slams US support for attempted coup by Venezuelan opposition
"They say that a group of high-ranked Venezuelan officials was engaged in talks with the U.S. government to allow for the coup". He also accused Cuba, Russia , and to a lesser degree China of being responsible for the desperate situation in Venezuela.

Taylor Swift kicks off Billboard awards
Cardi B , Drake , Grande, Post Malone and Travis Scott are nominated for the biggest award of the night, Top Artist . The Billboard Music Awards 2019 that was held at Las Vegas , Nevada was star-studded affair.

WLKY: Morning-line favorite Omaha Beach scratched from Kentucky Derby
Game Winner had been the morning-line second choice at 5-1, with his other two horses next ( Roadster and Improbable ) at 6-1. He also hit the exacta, trifecta, and superfecta at this year's Arkansas Derby , the final Kentucky Derby prep race.

Hazard on bench for Europa League tie
They play with the same characteristics as Slavia Prague, but the quality is different, especially in the offensive players. The Italian said: "The Europa League is a very important trophy.