US President Donald Trump announced on Sunday that the United States will raise tariffs on $200 billion of Chinese goods - a blunt warning to Beijing just days before what is being billed as a last-ditch round of talks to reach a deal or resume their trade war.
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 he is raising some tariffs because the trade talks are going"too slowly."
The announcement marks a major shift in tone from Trump, who has cited good progress in the talks and praised his relationship with Chinese President Xi Jinping.Any sign of an escalation in the months-long trade war is almost sure to roil financial markets, which have reacted sensitively to developments in the talks between the world's two largest economies.
Trump's move is a reversal of his decision in February not to increase tariffs from 10 per cent to 25 per cent on $200 billion of goods, thanks to progress in the trade talks. That increase will now go into effect on Friday, Trump said in a tweet. Tariffs on Chinese goods are paid to the United States by the companies importing the goods; most of those companies are U.S.-based.
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