Trump Proposes Massive Hike on Chinese Tariffs

US President, Donald TrumpImage Courtesy: The White House under public domain license

The U.S. President, Donald Trump, is increasing the pressure on China to reach a trade agreement with his plan to increase existing tariffs and targeting billions of additional goods.

The move has increased tensions in trade talks between the world’s two largest economies. Just last week, the U.S. President said the officials were making progress on the deal, only to now reveal that discussions with China continue, “but too slowly, as they attempt to renegotiate”.

According to a social media update on May 5, Trump would increase the earlier set 10% tariffs on USD 200 billion worth of Chinese goods to 25% as of Friday. This would reverse the decision to deep the tariffs at 10% made in February 2019 after the two sides made progress on the deal.

Additionally, Trump would target a further USD 325 billion of Chinese goods “shortly” with 25% tariffs.

After their meeting in Beijing last week, Chinese and U.S. officials are scheduled to meet again in Washington on May 8, Reuters said, adding that the new tariffs would depend on these talks.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >