Trump Announces New Tariffs On China And They're YUGE

Trump says he will increase tariffs on Chinese goods on Friday as he complains about pace of trade talks

U.S. President Donald Trump raised pressure on China over trade negotiations on Sunday by saying U.S. tariffs on certain Chinese products will increase to 25% on Friday and that more Chinese goods will face additional tariffs.

Those duties were set to rise to 25 per cent on March 1, but Trump delayed that as talks continued.

He tweeted his frustration over how slowly the negotiations were progressing, writing: "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!"

Aides set up platforms before a group photo with members of USA and Chinese trade negotiation delegations at the Diaoyutai State Guesthouse in Beijing, China, February 15, 2019.

Chinese negotiators arrive in Washington this week for what many both inside and outside the administration have said could be a final round of talks to produce a trade agreement - at least in principle. It now has imposed 10% tariffs on $200 billion in Chinese imports and 25% tariffs on another $50 billion.

But last week, Treasury Secretary Steven Mnuchin seemed to temper expectations, suggesting that Washington was willing to "move on" if it can't get the deal it wants.

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Last July, the Trump administration gradually started slapping import taxes on Chinese goods to pressure Beijing into changing its policies. Chinese leaders have been keen to reduce Mr. Trump's tariffs, which have taken a toll on their economy. Mr. Trump repeated a threat to raise the rate on existing tariffs and tax almost all of China's exports to the United States.

Trump already had pushed back deadlines to raise tariffs twice. "325 Billions Dollars of additional goods sent to us by China, but will be shortly, at a rate of 25%".

As recently as Friday, Trump said talks with China were going well.

Bloomberg Economics chief economist Tom Orlik said: "It's possible talks are breaking down, with China offering insufficient concessions, and an increase in tariffs a genuine prospect".

Besides a greater opening of the Chinese market to U.S. goods, Trump is pressing for structural changes such as Beijing ending its practice of forcing United States companies that operate in China to share their technology.

The Trump administration hiked tariffs on about half of its imports from China a year ago, while Beijing retaliated with tariffs on more than 70% of its imports from America, according to tracking by Chad Bown, a senior fellow at the Peterson Institute for International Economics.

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