China Threatens Retaliatory Tariffs After President Trump Tweets
WASHINGTON, DC - Trade negotiations between the United States and China have again fallen into disrepair this week, as Chinese negotiators Vice Premier Liu He and Xi Jinping head to the White House in what The New York Times has characterized as an attempt “to try to salvage a trade agreement that has fallen apart.”
President Trump asserted, in a series of tweets this Wednesday, that he would be happy to impose higher tariffs on Chinese goods, and a filing by U.S. trade representatives that same day detailed plans to increase existing tariffs on $200 billion in goods from 10 percent to 25 percent “in light of the lack of progress in the additional rounds of negotiations since March 2019.” New tariffs will go into effect this Friday.
“The reason for the China pullback & attempted renegotiation of the Trade Deal is the sincere HOPE that they will be able to 'negotiate' with Joe Biden or one of the very weak Democrats, and thereby continue to ripoff the United States (($500 Billion a year)) for years to come,” President Trump tweeted. “Guess what, that’s not going to happen! China has just informed us that they (Vice-Premier) are now coming to the U.S. to make a deal. We’ll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers...great for U.S., not good for China!”
China’s Commerce Ministry issued a brief statement promising countermeasures.
“The escalation of trade friction is not in the interests of the people of the two countries and the people of the world,” the Commerce Ministry said in response reported on by the Times. “The Chinese side deeply regrets that if the U.S. tariff measures are implemented, China will have to take necessary countermeasures.”
Will the U.S. and China continue to escalate trade tensions or can common ground be reached this weekend? AndNowUKnow will continue to report.