US Trade Representative Robert Lighthizer confirmed US tariffs on $200 billion worth of Chinese goods will increase Friday at 12:01 a.m. ET.Lighthizer and the US Treasury Secretary Steve Mnuchin told reporters the increase was in response to China's sudden reversal on previously made trade deal commitments.
The US and China have been locked in a trade war for roughly a year and the two sides have been engaged in trade talks to end the economic conflict since December 2018.The chief trade negotiator for the Trump administration confirmed President Donald Trump's Sunday tweet, telling reporters that tariffs on $200 billion worth of Chinese goods will increase Friday at 12:01 a.m. ET.
According to US Trade Representative Robert Lighthizer the 10% tariff rate will rise to 25%, as Trump threatened. Lighthizer and Treasury Secretary Steven Mnuchin said the increase was triggered by China's sudden reversal on key agreements in trade talks.According to Lighthizer, the Chinese reneged on key promises made earlier in talks that aim to craft a deal to end the trade war. Both sides previously seemed confident that a deal was close at hand.
Trump took investors and trade experts by surprise on Sunday in which he threatened to increase the tariff rate on $200 billion worth of Chinese good and apply new tariffs to the remaining $325 billion of Chinese goods that have so far not been tied up by the trade war.
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Source: YahooNews - 🏆 380. / 59 Read more »
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Source: CNBC - 🏆 12. / 72 Read more »
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Source: CNBC - 🏆 12. / 72 Read more »
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Source: latimes - 🏆 11. / 82 Read more »