Trump threatens to increase China tariffs

06 May, 2019, 04:39 | Author: Gerard Cortez
  • Trump says he will increase tariffs on Chinese goods on Friday as he complains about pace of trade talks

"The Tariffs paid to the U.S. have had little impact on product cost, mostly borne by China". The discussions remain focused toward making substantial progress on important structural issues and rebalancing the U.S. "People came into this weekend expecting there was a good chance we'd have a trade deal next Friday", said O'Rourke.

Sunday's announcement comes ahead of continued trade discussions as Chinese Vice Premier Liu He is set to arrive Wednesday in Washington, D.C.

After Trump made his Twitter announcement, Tom Orlik, chief economist at Bloomberg, told the BBC in an interview that the move was likely a negotiation tactic.

"That may not be forever if the talks don't work out", he said.

The Trump administration hiked tariffs on about half of its imports from China previous year, while Beijing retaliated with tariffs on more than 70% of its imports from America, according to tracking by Chad Bown, a senior fellow at the Peterson Institute for International Economics. He has railed against America's trade deficit in goods China, which swelled previous year to record $419 billion. While the Apple iPhone and other Apple devices have managed to evade the tariff charges, Trump is now talking about taxing hundreds of billions of dollars of additional Chinese products imported into the states, possibly including the iPhone.

The US president originally imposed a 10 percent tariff on these goods in September that was due to rise in January, but postponed this as negotiations advanced.

How to watch the Kentucky Derby
The race officials disqualified Maximum Security for interference and handed the win to second place finisher Country House . The colt was the 9-2 second choice in the market.

The White House then gave a January 1 deadline for trade talks to succeed. China has demanded that the US immediately remove the current tariffs, while USA officials have insisted that the tariffs must remain in place while they monitor Chinese reforms.

Once he took office, Mr. Trump's relationship with his Chinese counterpart, Xi Jinping, seemed to get off to a good start.

U.S. West Texas Intermediate (WTI) crude futures were at $60.44 per barrel at 0032 GMT on Monday, down $1.50 per barrel, or 2.4 percent, from their last settlement.

Trump is also demanding that China stop intellectual property theft and subsidies to state-owned companies. Sources said the two sides were negotiating an enforcement mechanism to ensure China kept its promises.

In recent days, USA officials grew frustrated with some of China's backpedaling on some of their earlier commitments, including on the crucial matter of technology transfer, two people familiar with the situation said.

Trump tweeted that, for 10 months, China has been paying tariffs to the United States of America of 25 per cent on $50 billion of high tech, and 10 per cent on $200 billion of other goods.

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