....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
CNBC: Trump says tariffs on $200 billion of Chinese goods will increase to 25%, blames slow progress in trade talks
* In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”
* The president said that trade talks with China are continuing, but are moving too slowly as Beijing tries to re-negotiate.
President Donald Trump said Sunday that tariffs on $200 billion of Chinese goods will increase to 25% on Friday, despite repeated claims by the administration in recent weeks that trade talks with Beijing were going well.
The tariff rate on those goods was originally set at 10%. Trump had initially threatened to increase the tariffs at the start of the year, but postponed that decision after China and the U.S. agreed to sit down for trade talks.
In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”
The president said that trade talks with China are continuing, but are moving too slowly as Beijing tries to re-negotiate.
Read more ....
WNU Editor: Regular readers of this blog know that I have never been optimistic that these talks will result in a trade agreement. I know from personal experience that China has no interest in compromising when it comes to opening their markets to foreign competition, and they certainly do not want to change the rules that they must operate under when it comes to exporting their products overseas. In regards to the current talks, Beijing is playing the waiting/delaying game in the hope that President Trump will be defeated in 2020, and that a Democrat President will return everything to the status quo.
Update: China is responding .... S&P Futures Plummet As China Said To Cancel Washington Trade Trip, All Eyes On S&P 2,890 (Zero Hedge). More here .... China Considers Canceling Trade Talks With U.S., WSJ Says (Bloomberg).
Update #2: I wonder if this is also a response to North Korea's missile launches on Saturday, and China's support of the Kim Jong-Un regime?
More News On President Trump Vowing To Raise Tariffs On Chinese Goods
Trump threatens to hike tariffs on $200B of Chinese imports -- AP
Trump vows tariff hike on Chinese goods, escalating tension in trade talks -- Reuters
Trump steps on his economy wins with renewed China trade threat -- CNN
Trump says tariffs on Chinese goods will increase to 25% on Friday -- FOX Business
Trump pledges to raise tariffs on $200B of Chinese goods to 25% -- UPI
2 comments:
The tariffs just get passed on to the buying American public. Should that buying public catch on to the scam, Trump would be toast in 2020. Those entities that were exempted from the tariffs, like his daughter's companies and some techs, most likely have increased their prices paid by those buyers anyway.
WNU Editor, I agree the Chinese really don't want this, but I support a scheme whereby they have to play fair. We need to continue this until all issues are resolved; Trade, NK and S China Sea.
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