President Donald Trump took to Twitter on Sunday to announce his plans to increase tariffs on Chinese imports. The scheduled increases are set to go into effect on Friday, assuming a trade deal is not struck when Chinese Vice Premier Liu appears in Washington on Wednesday.
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. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars....
— Donald J. Trump (@realDonaldTrump) May 5, 2019
....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. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!
— Donald J. Trump (@realDonaldTrump) May 5, 2019
According to National Economic Council Director Larry Kudlow, President Trump is issuing a warning to China before Wednesday's meetings, the Washington Post reported.
“I’m a free-trade guy. The president’s tariffs, however, have been extremely useful in negotiating. … If it doesn’t work out, then I think what the president is saying in today’s tweet is that we will continue these tariffs,” Kudlow said during a Sunday appearance on Fox News. “China has got to end its unfair, nonreciprocal trading system. They’re breaking the laws."
The Trump administration has met with Chinese officials over the last few months in hopes of striking a new trade deal. The president has continually said America is getting the short end of the stick when it comes to our trade agreements with China.
Join the conversation as a VIP Member