Accusing Beijing of 'reneging' on commitments it made in earlier talks, U.S. Trade Representative Robert Lighthizer said that the Trump admin will increase its tariffs on $200 billion in Chinese goods early Friday
WASHINGTON — Accusing Beijing of"reneging" on commitments it made in earlier talks, U.S. Trade Representative Robert Lighthizer said Monday that the Trump administration will increase its tariffs on $200 billion in Chinese goods early Friday, a sharp escalation in a yearlong trade dispute.
By threatening to raise taxes on Chinese imports, Trump is throwing down a challenge to Beijing: Agree to sweeping changes in China's government-dominated economic model — or suffer the consequences. Suddenly on Sunday, Trump said he had lost patience:"The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" he tweeted.
The Trump administration has imposed 10% tariffs on $200 billion in Chinese imports and 25% tariffs on another $50 billion. The Chinese have retaliated by targeting $110 billion in U.S. imports. Trump's threat makes going ahead with talks"very difficult politically" for Xi's government, said Jake Parker, vice president of the U.S.-China Business Council. He said the Chinese public might"view this as a capitulation" if Beijing reached an agreement before Trump's Friday deadline.
Xi is"adamant about party-state control over major sectors of the economy," Lam said."If they give this up, then China in effect ceases to be a socialist country."
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