President Donald Trump plans to to implement the previously delayed tariff increases on Chinese goods on Friday, raising tariffs from 10% to 25% on $200 billion worth of goods.
The president voiced frustration with the pace of trade negotiations in a pair of Tweets announcing the tariff implementation:
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
....of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!— Donald J. Trump (@realDonaldTrump) May 5, 2019
Chinese media has reported that Chinese President Xi Jinping was prepping for a face-to-face meeting with President Trump in the U.S. in June. China plans to have a team of 100 trade negotiators in Washington this week.
The tariff increases were slated to go into affect March 1, but Trump opted to delay their implementation twice to allow negotiators room to finalize a comprehensive trade deal between the two nations.
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