GlobalNews

Donald Trump Hiked 25% Tariff On Chinese Products

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In a move that escalated a trade war between the two largest economies of the world, Trump administration more than doubled tariffs from 10 pc to 25 pc on US$200 billion worth of Chinese products. Beijing has vowed to retaliate with necessary counter-measures.
The move by US comes as high-level officials from both sides are attempting to salvage a trade deal in Washington. The higher tariffs will be applied to relevant US-bound goods exported from China on or after Friday, according to a notice from the US Federal Register.
Tariffs are taxes paid by importers on foreign goods, so the 25 pc tariff will be paid by American companies who bring Chinese goods into the country.
The tariff is imposed on Chinese products – including fish, handbags, clothing and footwear.
“China expresses deep regret over the development and will have to take necessary countermeasures,” the ministry said.
“We hope the United States will meet us halfway, and work with us to resolve existing issues through cooperation and consultation,” the statement said.
A Chinese delegation led by Beijing’s top trade negotiator Vice Premier Liu He arrived in Washington on Thursday for the latest round of trade talks.

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