Update: President Trump’s 10% China Tariffs Will Rise to 25% at 12.01a on 10 May

Update: President Trump’s 10% China Tariffs Will Rise to 25% at 12.01a on 10 May

Update: President Donald Trump’s top trade negotiator said the U.S. plans to raise tariffs on Chinese goods Friday, accusing Beijing of backpedaling on commitments it made during negotiations.

The trade talks will continue and a Chinese delegation will visit Washington on Thursday and Friday, US Trade Representative Robert Lighthizer told reporters Monday in Washington.

The Trump Administration plans to increase duties on Chinese imports at 12:01a on 10 May.

“We felt we were on track to get somewhere. Over the course of last week we have seen an erosion of commitments by China,” Mr. Lighthizer said, adding that significant issues remain unresolved, including whether tariffs will remain in place.

President Trump fired a warning shot across China’s bow Sunday, ahead what could be the closing round of takes for a trade deal are set to start in Washington this week.

The Trump Tariffs on $200-B of Chinese imports will increase to 25% from 10% this Friday, and another $325-B in goods will “shortly” be subject to tariffs, President Donald Trump said Sunday.

President Trump suggested in announcing the move on Twitter that he was acting because he is not satisfied with the pace of progress in negotiations with China.

“The Trade Deal with China continues, but too slowly, as they attempt to renegotiate,” President Trump said in his Tweet. “No!”

Chinese President Xi Top trade envoy, Liu He, returns to Washington this week for what could be a closing round of trade talks. The White House has ramped up pressure to reach a deal, warning it could still walk away from the months-long negotiations.

President Trump and the Chinese President Xi will decide after the negotiations this week whether they will meet to sign off on an agreement. White House spokeswoman Sarah Sanders said Thursday.

President Trump also said that tariffs paid by China “are partially responsible for our great economic results,” although it is companies that import Chinese goods, not China itself, that pay the bulk of the additional costs.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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