US President Donald Trump will increase tariffs to 25% on Chinese imports after trade talk negotiations collapsed.
On Sunday Trump said he would increase duties on US$200 billion worth of goods from China from its current level of 10%, which have been in place since late 2018.
The US-China trade war has so far seen approximately $400 billion of tariffs placed on goods since April 2017.
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….
— Donald J. Trump (@realDonaldTrump) May 5, 2019
The most recent hike was originally due to come into force in March 2018, but this was pushed back following what Trump described as “productive” trade talks, a story PTI reported on.
Trump announced the move in a tweet sent on Sunday, in which he said the tariffs the Washington has so far received has not had an impact on productions costs.
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The move has come after Robert Lightizer, the US Trade Representative said Beijing had “a lot of specific commitments” during the trade talks.
Lightizer is quoted further as saying: “The bottom line is we felt we were on track to get somewhere over the course of the last week or so.
“We have seen an erosion in commitments by China.”