Trump says he'll raise tariffs on $200bn of Chinese goods

Trump says he'll raise tariffs on $200bn of Chinese goods

US President Donald Trump announced Sunday that the United States will raise tariffs on $200 billion of Chinese goods - a blunt warning to Beijing just days before what is being billed as a last-ditch round of talks to reach a deal or resume their trade war.

Trump turned up the heat by saying he would raise import taxes on $200 billion in Chinese products to 25% from 10% on Friday. If Trump makes good on his threat, the 10% will jump to 25% - likely sparking retaliation from Beijing. He has railed against America's trade deficit in goods China, which swelled previous year to record $419 billion.

US businesses say they support the administration's efforts to press for a more level playing field in China, but they also complain that the tariffs have stung, said Tim Stratford, the chairman of the American Chamber of Commerce in China. 'The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. While the Apple iPhone and other Apple devices have managed to evade the tariff charges, Trump is now talking about taxing hundreds of billions of dollars of additional Chinese products imported into the states, possibly including the iPhone.

US President Donald Trump is not satisfied with the pace of progress in negotiations with China.

Trump is also demanding that China halt intellectual property theft and subsidies to state-owned companies.

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To turn up the heat on Beijing, Trump has even threatened to impose tariffs on all Chinese products entering the U.S., which were worth $539.5 billion a year ago.

Trump said on Sunday that his tariffs have had little impact on product costs in the U.S. and have been "mostly borne by China", an argument rejected by most economists. "325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%". China has demanded that the USA immediately remove the current tariffs, while US officials have insisted that the tariffs must remain in place while they monitor Chinese reforms. But on Sunday, Trump, who has called himself a 'tariff man, ' said he's losing patience. A team from Beijing is expected to arrive in Washington this week.

"The manner in which tariffs would come off is going to be a part of the enforcement mechanism and all of that is the subject of negotiations as we talk", Pence told CNBC.

According to National Economic Council Director Larry Kudlow, President Trump is issuing a warning to China before Wednesday's meetings, the Washington Post reported.