US tariffs on US$200 billion of Chinese goods officially raised to 25%
The United States has raised the tariffs of US$200 billion worth of Chinese goods as planned on Friday, as trade talks on Thursday made little headway.
The United States (US) has raised the tariffs of US$200 billion worth of Chinese goods as planned on Friday, as trade talks on Thursday made little headway.
Observers had hoped that a resolution could be reached by both sides before the deadline on Friday as a Chinese delegation had arrived on Thursday to negotiate on the trade deal. Tensions were raised after US president Donald Trump shot two sudden tweets on Sunday stating that the US will be raising tariffs on US$200 billion worth of Chinese goods, with claims that the deal has been progressing too slowly.
People familiar with the matter told Bloomberg the trade talks on Thursday made little progress. The trade talks between both parties are expected to continue on Friday.
China's Commerce Ministry had said on its website earlier this week, without elaborating: ‘The Chinese side deeply regrets that if the US tariff measures are implemented, China will have to take necessary countermeasures.’
On Thursday, the US president told a rally in Florida that unless China stops “cheating our workers”, the US will not back down on imposing the new tariffs on Chinese imports.
The tariff spat sent US and Asian markets tumbling on Thursday. The US equity market recovered later in the day after Mr Trump said a deal could be possible this week.
China has been pacifying the US in various attempts to negotiate on a deal.
Commerce Ministry spokesman Gao Feng said on Thursday the decision to send the delegation led by Vice Premier Liu He to Washington despite the tariff threat demonstrated China’s "utmost sincerity".
Mr Trump also said that Chinese president Xi Jinping had sent him a “beautiful letter” and said that he will probably speak to him by phone.
Mr Trump quoted Mr Xi as saying in the letter: ‘Let’s work together let’s see if we can get something done.’
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