Trump vows new tariff hike on Chinese goods

Trade Wars: Major US Tariff Actions, Retaliatory Measures Since January 2018

US President Donald Trump said on Sunday he would raise tariffs to 25 per cent from 10 per cent on $200 billion of Chinese imports by the end of the week.

Donald Trump has escalated the trade war with China by announcing plans to hike the tariff imposed on $200bn of Chinese goods from 10% to 25% on Friday.

May 5: Mr Trump says the 10 per cent tariffs on US$200 billion of Chinese goods will be raised to 25 per cent on May 10.

- 25 per cent tariffs on $50 billion worth of Chinese technology goods including machinery, semiconductors, autos, aircraft parts and intermediate electronics components imposed on July 6 and August 23 as part of "Section 301" probe into China's intellectual property practices.

"The Tariffs paid to the U.S. have had little impact on product cost, mostly borne by China", he tweeted on Sunday.

That was pegged to Trump's new threats, they said, which abandon a six-month truce after Beijing waffled on some previously discussed commitments.

The warning will throw a shadow over the next round of talks, with a delegation from Beijing due in Washington this week, with Bloomberg News reporting the Chinese side are considering their position.

"President Trump threatens China while he seemingly doesn't understand how tariffs work", Hu tweeted.

Tariffs on Chinese goods are actually paid to the United States by the companies importing the goods.

Trump's threat makes going ahead with talks "very hard politically" for President Xi Jinping's government, said Jake Parker, vice president of the US-China Business Council. On Friday, the government reported that the United States unemployment rate had fallen to the lowest level in half a century.

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Media reported, citing sources, that China was mulling over the possibility of scraping the next round of talks after Trump's statement.

As recently as last week, the United States had depicted the trade talks as going well.

The Shanghai Composite index closed 5.6 per cent lower at 2,906.46 after plunging more than 6 per cent earlier in the session.

"We have seen a bit of a risk-averse move this morning in Asian trading following the comments from Trump over the weekend regarding the U.S".

Mindful of his 2020 re-election bid, Trump suggested the measures were not leading to price increases for USA consumers.

That follows talks in April in Beijing that US Treasury Secretary Steven Mnuchin called "productive".

The US government hit China with the most extensive tariffs, starting a trade war between the world's two largest economies. Let Trump raise tariffs. China releases trade data Wednesday, and the US does so on Thursday.

"Raising tariffs means raising taxes on millions of American families and inviting further retaliation on American farmers", said Christin Fernandez, a spokeswoman for the Retail Industry Leaders Association. Analysts said Trump's comments might be a negotiating tactic, but might also make Beijing reluctant to appear as if it was giving in to US demands.

The threat, conveyed via Twitter, dashed expectations that the two biggest economies might forge a deal in talks this week.

White House officials were unaware on Sunday afternoon whether the tweet would affect those talks.

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