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.



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