Trump orders raising tariffs on essentially all remaining imports from China

Cornelia Mascio
Мая 16, 2019

American Business Representative Robert Lighthizer said that the USA is preparing to raise the fee for taking $ 300 billion of Chinese products into the tax net, which has not come under import duty.

Asked about the tariffs that hit $200 billion worth of Chinese goods on Friday, Liu said: "if the the U.S. slaps on tariffs, we must respond".

The increase went ahead after American and Chinese negotiators began more talks in Washington aimed at ending a dispute that has disrupted billions of dollars in trade and shaken global financial markets.

He claimed that the tariffs would "bring in far more wealth to our country than even a phenomenal deal of a traditional kind". Liu said that there is a disagreement between the two sides about China's commitment to buying goods from America to help reduce U.S. trade deficit. "In the meantime, we will continue to negotiate with China in the hopes that they do not again try to redo deal!" said the US President.

The US imports some $540B worth of goods from China per year, and Beijing was on Friday still mulling countermeasures for the $120B it imports from the US each year.

"They took many, many parts of that deal and they renegotiated". Trump said added that there was "absolutely no rush" to finalize a trade deal.

"It's possible to do it", Trump said.

"The relationship between President Xi and myself remains a very strong one, and conversations into the future will continue", he added.

China wants tariffs lifted as soon as an agreement is reached, while US officials want to keep them as leverage to ensure compliance.

Those laws include Section 232 of the Trade Expansion Act, which Trump cited to enact tariffs on steel and aluminum imports from China, Canada, Mexico and elsewhere.

"China clearly requires that the trade procurement figures should be realistic; the text must be balanced and expressed in terms that are acceptable to the Chinese people and do not undermine the sovereignty and dignity of the country", the People's Daily newspaper said in a commentary on Saturday.

Goods that left Chinese ports prior to the deadline of Friday won't be hit by the import taxes. The tariff increase took effect after negotiators for the two sides resumed talks in Washington. The United States is pressing China to change its policies on protections for intellectual property, as well as massive subsidies for state-owned firms, and to reduce the yawning trade deficit.

Liu, China's top economic official, said the country's economy was improving after bottoming out at the end of a year ago.

That could effectively provide a grace period for the sides to avert serious escalation. Then, after briefing Mr Trump on the negotiations, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin dined with the leader of the Chinese delegation, Vice Premier Liu He. "It will serve the interests of both China and the United States and is the shared expectation of the worldwide community". To use a simplistic example (ignoring real-world minimum amounts subject to tariffs): Say an American retailer buys 100 garden umbrellas from China for $5 apiece - $500 total. China would greatly slow down, and we would automatically speed up! But Yang told Al Jazeera that in the long run, the tariffs may prompt Beijing to reform areas like business regulations, labour and technology, the so-called supply side of its economy.

At precisely the identical four-month interval, imports of American products plunged 30.4% following Chinese retaliatory obligations and orders to buyers to discover other providers.

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