'The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!' Trump tweeted.
The president said current tariffs on $200 billion worth of Chinese goods will be increased from 10% to 25% and the US will place 25% tariffs on an additional $325 billion worth of Chinese goods that are currently untaxed on Friday. Trump said the slow pace of trade deal negotiations was the cause for the new restrictions.
"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," Trump tweeted."These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars 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.
As it stands the US has placed tariffs on $250 billion worth of goods coming from China, while Beijing has responded with tariffs on $110 billion of American goods. Economists have warned that a dramatic escalation of the trade war could cause US consumers to pay more for goods coming from the country and potentially cause serious negative consequences for the American economy.
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