May 6, 2019 (Mainichi Japan)
https://mainichi.jp/english/articles/20190506/p2g/00m/0bu/006000c
WASHINGTON (Kyodo) — U.S. President Donald Trump said Sunday that tariffs on $200 billion of Chinese goods will increase from 10 percent to 25 percent in the coming days as the trade war between the world’s two largest economies escalates.
- 【Related】Trump-Xi summit eyed for March could move to April: US official
- 【Related】White House adviser: Trump-Xi trade talks went ‘very well’
Trump made the announcement in a pair of tweets, complaining that trade talks are proceeding “too slowly” as Beijing tries to renegotiate.
“The 10% will go up to 25% on Friday. 325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%,” Trump said in the tweets.
“The Tariffs paid to the USA have had little impact on product cost, mostly borne by China,” Trump tweeted. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump said.
If Washington slaps higher duties on Chinese products, Beijing is likely to take countermeasures, a development that would further roil world markets and affect global growth.
With the decision, Trump appears to be attempting to ramp up pressure on the trade negotiations in hopes of bringing an end to the protracted tariff war.
The social media posts came as the two sides are scheduled to resume negotiations in Washington on Wednesday, the latest in several rounds of talks. The previous round was held last week in Beijing.
The Wall Street Journal said Sunday that China is considering canceling the upcoming trade talks. “China shouldn’t negotiate with a gun pointed to its head,” it quoted a person briefed on the matter as saying, adding that a decision on whether to go ahead with the talks this week has not been made.
Chinese officials have said Beijing would not bend to pressure tactics and would remain committed to its pledge to avoid negotiating under duress by potentially aborting the trip, the business newspaper said.
Since July last year, the Trump administration, dissatisfied with what it sees as China’s unfair trade practices — including alleged intellectual property theft, forced technology transfer and currency devaluation — has raised tariffs on imported goods from the Asian giant.
In retaliation, China increased tariffs on U.S. imports. The tit-for-tat trade conflict between the world’s two largest economies has led to increased concerns for the health of the global economy.
Upon the signing of any potential deal, the Trump administration has stated it plans to maintain tariffs on Chinese imports until Beijing implements commitments it has made, while China has called for their immediate lifting.
Trump and Chinese President Xi Jinping agreed in December to suspend any more tariff hikes, and since then Washington and Beijing have been pursuing an agreement.
At present, the Trump administration has imposed tariffs on a total of $250 billion in Chinese imports — or about half of the goods the United States imports from China each year — in response to Chinese companies’ alleged intellectual property and technology theft.
Of the total, a 25 percent tariff has been imposed on $50 billion worth of Chinese imports and a 10 percent duty on the remainder.
The United States and China have so far agreed to limit Beijing’s ability to manipulate the value of its currency for unfair trade advantage.
China has also pledged to buy an additional 10 million tons of American soybeans as part of an effort to reduce the massive trade deficit between the countries. Trump has long complained about his country’s trade deficits with a number of countries, China and Japan often being the target of his ire.
But Beijing and Washington remain well apart in efforts to find potential resolutions to China’s structural issues, with the United States accusing China of having insufficient intellectual property protections and giving favorable treatment to state-owned enterprises.
WASHINGTON (Kyodo) — U.S. President Donald Trump said Sunday that tariffs on $200 billion of Chinese goods will increase from 10 percent to 25 percent in the coming days as the trade war between the world’s two largest economies escalates.
- 【Related】Trump-Xi summit eyed for March could move to April: US official
- 【Related】White House adviser: Trump-Xi trade talks went ‘very well’
Trump made the announcement in a pair of tweets, complaining that trade talks are proceeding “too slowly” as Beijing tries to renegotiate.
“The 10% will go up to 25% on Friday. 325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%,” Trump said in the tweets.
“The Tariffs paid to the USA have had little impact on product cost, mostly borne by China,” Trump tweeted. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump said.
If Washington slaps higher duties on Chinese products, Beijing is likely to take countermeasures, a development that would further roil world markets and affect global growth.
With the decision, Trump appears to be attempting to ramp up pressure on the trade negotiations in hopes of bringing an end to the protracted tariff war.
The social media posts came as the two sides are scheduled to resume negotiations in Washington on Wednesday, the latest in several rounds of talks. The previous round was held last week in Beijing.
The Wall Street Journal said Sunday that China is considering canceling the upcoming trade talks. “China shouldn’t negotiate with a gun pointed to its head,” it quoted a person briefed on the matter as saying, adding that a decision on whether to go ahead with the talks this week has not been made.
Chinese officials have said Beijing would not bend to pressure tactics and would remain committed to its pledge to avoid negotiating under duress by potentially aborting the trip, the business newspaper said.
Since July last year, the Trump administration, dissatisfied with what it sees as China’s unfair trade practices — including alleged intellectual property theft, forced technology transfer and currency devaluation — has raised tariffs on imported goods from the Asian giant.
In retaliation, China increased tariffs on U.S. imports. The tit-for-tat trade conflict between the world’s two largest economies has led to increased concerns for the health of the global economy.
Upon the signing of any potential deal, the Trump administration has stated it plans to maintain tariffs on Chinese imports until Beijing implements commitments it has made, while China has called for their immediate lifting.
Trump and Chinese President Xi Jinping agreed in December to suspend any more tariff hikes, and since then Washington and Beijing have been pursuing an agreement.
At present, the Trump administration has imposed tariffs on a total of $250 billion in Chinese imports — or about half of the goods the United States imports from China each year — in response to Chinese companies’ alleged intellectual property and technology theft.
Of the total, a 25 percent tariff has been imposed on $50 billion worth of Chinese imports and a 10 percent duty on the remainder.
The United States and China have so far agreed to limit Beijing’s ability to manipulate the value of its currency for unfair trade advantage.
China has also pledged to buy an additional 10 million tons of American soybeans as part of an effort to reduce the massive trade deficit between the countries. Trump has long complained about his country’s trade deficits with a number of countries, China and Japan often being the target of his ire.
But Beijing and Washington remain well apart in efforts to find potential resolutions to China’s structural issues, with the United States accusing China of having insufficient intellectual property protections and giving favorable treatment to state-owned enterprises.