Sunday, October 17, 2021

Trump says tariffs on imports from China to rise to 25 pct.

Washington, May 5 (EFE).- President Donald Trump said Sunday that the United States would raise tariffs on Chinese imports from 10 percent to 25 percent later this week because the trade talks between the countries were proceeding too slowly.

“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,” Trump said in a Twitter post

In a second tweet, the US president said that “the Tariffs paid to the USA have had little impact on product cost, mostly borne by China.”
Trump said the trade talks with Beijing were not making sufficient progress.

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

The trade war between the world’s two largest economies, launched last year by the Trump administration, has caused volatility in global financial markets.

Trump and Chinese President Xi Jinping have been unable to reach a deal to end the trade war despite months of negotiations.

China has already adopted several goodwill measures in pursuit of an accord, but some in Washington remain skeptical, arguing that China has shown little interest in making the kind of major structural changes to its economy demanded by trade hawks in the Trump administration.

The United States sold $130 billion in goods and services to China in 2017, while US imports from the Asian giant totaled $506 billion.