In an announcement that came as a surprise to Chinese officials, President Trump tweeted May 5 that he planned to increase the tariffs on $200 billion worth of Chinese products to 25% by Friday, May 10, the New York Times reports.
The U.S. and China have been in negotiations to end the trade war for several months, and Chinese officials were scheduled to arrive in Washington this week for what was believed to be a final round of negotiations for a trade agreement between the countries, the report states.
For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars....
— Donald J. Trump (@realDonaldTrump) May 5, 2019
“The trade deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump tweeted.
The threat to increase the tariffs on Chinese products from 10% to 25% was originally slated to begin at the beginning of 2019, but was pushed back by the Trump administration due to reported progress in the trade negotiations.
