Economy

Trump raises tariffs on $200 billion of Chinese goods, prompting Chinese warning

Trump raises tariffs on $200 billion of Chinese goods, prompting Chinese warning”

US President Donald Trump has requested introducing tariffs on another $300 bln worth of Chinese goods, the Office of the US Trade Representative Robert Lighthizer said in a statement on Friday.

After days of repeated threats, USA officials on Friday noon (Beijing Time) increased an existing 10 percent tariff on $200 billion in Chinese goods to 25 percent, breaking a truce reached by the leaders of the two countries in December 2018 and highlighting the unreliable and unpredictable nature of the United States administration.

China's Commerce Ministry said it "deeply regrets" the U.S. decision, adding that it would take necessary countermeasures, without elaborating.

"Over the course of the last week or so, we've seen an erosion in commitments by China, I would say retreating from commitments that have already been made, in our judgment", Lighthizer said on Monday.

Ahead of the final round of talks on Friday, Trump tweeted that tariffs "are much easier and quicker to do" than a traditional deal, arguing that the United States might be better off without one.

President noted that those tariffs "may or may not be removed depending on what happens with respect to future negotiations.". "The Ambassador and Secretary then had a working dinner with Vice Premier Liu He, and agreed to continue discussions tomorrow morning at USTR".

Wisconsin Congressman Ron Kind (D-WI) says China is cheating nearly every country in the world and says President Trump should partner with other countries to take on China as a group.

A 25% hike "needs to be passed on to the consumer", Parker said.

A range of consumer products - including cell phones, computers, clothing and toys - were hit by the tariff rate increases from 10% to 25% on Friday. Donald Trump's latest tariff hikes on Chinese goods took effect Friday, May 10, 2019.

At the White House, Mr Trump said he had received "a attractive letter" from Chinese President Xi Jinping and would "probably speak to him by phone". "Or it could be felt through retaliatory actions by the Chinese". By sea, shipments across the Pacific take about three weeks, which gives negotiators a few more days to reach a settlement before importers may have to pay the increased charges.

Liu, speaking to Chinese state TV upon his arrival Thursday in Washington, said he "came with sincerity". Washington's latest wielding of the tariff stick has rattled and battered the global capital market, which serves as yet another warning that such unilateralist moves are harmful not only to both countries, but to the world at large.

He expects China will hit back, and said people across the USA will feel the backlash.

Mr Liu in his interview urged his United States colleagues to work "get through the darkess before dawn", and stressed that cooperation is the only way for China and USA, which share significant common interests.

Also Thursday, Trump said he received "a handsome letter" from Chinese President Xi Jinping and would "probably speak to him by phone".

This week's setback was unexpected.

"Both sides agree they will meet again in Beijing in the future and keep pushing forward the negotiations", he said without giving a date. They wouldn't identify the specific issues involved.

"China deeply regrets that it will have to take necessary countermeasures", said a Commerce Ministry statement.

China wants tariffs lifted as soon as an agreement is reached, while US officials want to keep them as leverage to ensure compliance.



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