Trump abruptly renews China tariffs threat ahead of upcoming trade deal

07-May-2019 Intellasia | The Independent | 6:00 AM Print This Post

Donald Trump has announced an increase in US tariffs on Chinese goods, saying trade negotiations with the country are going “too slowly.”

The president appeared to contradict statements from his administration suggesting trade talks with China have been going well in recent weeks.

His renewed threats suggest the US will increase tariffs on $200bn of Chinese goods from 10 to 25 per cent, after postponing the initial tariffs when officials from both countries agreed to meet for negotiations.

Trump also claimed the US would soon place tariffs of 25 per cent on an additional $325bn of Chinese goods.

“For 10 months, China has been paying Tariffs to the USA of 25 percent on 50 Billion Dollars of High Tech, and 10 percent on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10 percent will go up to 25 percent on Friday,” the president wrote in a tweet.

“325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25 percent,” he continued. “The Tariffs paid to the USA have had little impact on product cost, mostly borne by China.”

It wasn’t immediately clear why Trump was abruptly announcing new and increased tariffs over the weekend, when vice President Mike Pence said on Friday that he was optimistic about striking a deal with Beijing.

The president concluded, “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!”

White House Press Secretary Sarah Huckabee Sanders also said the two countries were closer to reaching an agreement on Wednesday.

“Discussions remain focused toward making substantial progress on important structural issues and re-balancing the US-China trade relationship,” she said.

Reports previously indicated a deal could be reached as soon as Friday, though it remains unclear how Trump’s Twitter announcement may affect the negotiations.

The threats were just two of several tweets the president posted Sunday.

He also decried the result of the Kentucky Derby, blaming a historic overturning of the first-place title on an era of “political correctness,” and lambasted investigations into Russian interference, urging Special Counsel Robert Mueller not to testify before Congress.

https://sg.news.yahoo.com/trump-abruptly-renews-china-tariffs-212134983.html

 


Category: China

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