Trump threatens to impose 25 percent tariffs on Chinese goods
May 6, 2019 | Investopaper
Donald Trump has threatened to impose 25 percent tariffs on $200 billion of Chinese goods effective from Friday. Initially, the tariffs on these goods are set at 10 percent. This comes as a surprise since the trade talk has been reported of going on the right track.
Trump has become frustrated by the slow procedure of the trade talk as the two economic giants are trying to negotiate the trade terms which has affected the economy of both countries in recent times.
On Sunday Trump tweeted: “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….”
Both China and the US are hopeful that they could sign a deal that would bring an end to the trade dispute. According to the Office of the U.S. Trade Representative, US imports goods from China worth $ 539.5 billion and if Trump goes with his tweet, then all the Chinese imported goods will have to face some sort of tariff.
