Gold Silver Reports (GSR) – In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”
Trump imposed duties of 25 percent on an initial $50 billion of Chinese goods last year and then 10 percent on an additional $200 billion in products. Those duties were set to rise to 25 percent on March 1, but Trump delayed that as talks continued.
Tariffs on $200 billion of Chinese imports will increase to 25 percent from 10 percent on Friday, and another $325 billion in goods will “shortly” be subject to tariffs, President Donald Trump said Sunday, in a warning to China as what could be a closing round of talks for a trade deal are set to start in Washington this week.
The tariff rate on those goods was originally set at 10%. Trump had originally threatened to increase the tariffs at the start of the year, but postponed that decision after China and the US agreed to sit down for trade talks.
The president said that trade talks with China are continuing, but are moving too slowly as Beijing tries to re-negotiate.
And on Wednesday, the White House said the latest round of talks had moved Beijing and Washington closer to an agreement. Press secretary Sarah Sanders said, “Discussions remain focused toward making substantial progress on important structural issues and re-balancing the US-China trade relationship.”
There had been multiple reports that China and U.S. were close to a trade deal, and an agreement could come as soon as Friday.
Major sticking points between the U.S. and China have been intellectual property theft and forced technology transfers. There has also been disagreement as to whether tariffs should be removed or remain in place as an enforcement mechanism.