Trump says tariffs on $200 billion of Chinese goods will increase to 25%, blames slow progress in trade talks
Spencer Kimball @SPENCEKIMBALL
In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.” The president said that trade talks with China are continuing, but are moving too slowly as Beijing tries to re-negotiate.
President Donald Trump said Sunday that tariffs on $200 billion of Chinese goods will increase to 25% on Friday, despite repeated claims by the administration in recent weeks that trade talks with Beijing were going well.
The tariff rate on those goods was originally set at 10%. Trump had originally threatened to increase the tariffs at the start of the year, but postponed that decision after China and the US agreed to sit down for trade talks.
In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”
The president said that trade talks with China are continuing, but are moving too slowly as Beijing tries to re-negotiate.
For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars....
....of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!
On Friday, Vice President Mike Pence told CNBC that Trump remained hopeful that he could strike a deal with China.
And on Wednesday, the White House said the latest round of talks had moved Beijing and Washington closer to an agreement. Press secretary Sarah Sanders said, “Discussions remain focused toward making substantial progress on important structural issues and re-balancing the US-China trade relationship.”
There had been multiple reports that China and U.S. were close to a trade deal, and an agreement could come as soon as Friday.
Major sticking points between the U.S. and China have been intellectual property theft and forced technology transfers. There has also been disagreement as to whether tariffs should be removed or remain in place as an enforcement mechanism. |
