Our representatives have just returned from China where they had constructive talks having to do with a future Trade Deal. We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing. More recently, China agreed to...
...buy agricultural product from the U.S. in large quantities, but did not do so. Additionally, my friend President Xi said that he would stop the sale of Fentanyl to the United States – this never happened, and many Americans continue to die! Trade talks are continuing, and...
...during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country. This does not include the 250 Billion Dollars already Tariffed at 25%...
“Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country...We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!” Trump said in a tweet on Thursday.
The surprise tariff announcement came after the U.S. and China restarted trade talks in Shanghai this week, the first in-person trade talks since a G-20 truce. The White House said Wednesday before this Trump tweet that the meetings were “constructive,” adding that China confirmed its commitment to increase purchases of U.S. agricultural exports. Trade negotiations will continue in Washington in early September, according to the White House statement.
WATCH NOWVIDEO01:43Trump: US will impose 10% tariffs on $300B in Chinese goods on Sept. 1
It’s unclear what has caused Trump to end the trade war cease-fire with these new tariffs. The tweet comes in the wake of a meeting Thursday morning at which the president got a report from Treasury Secretary Mnuchin and Trade Representative Robert Lighthizer on their meetings in Shanghai this week, a White House official told CNBC’s Eamon Javers.
Trump said later in the day that the new tariffs could be raised to above 25%.
The trade battle between the world’s two largest economies has dragged on for more than a year and a half. Trump shocked the markets in May by hiking tariffs to 25% from 10% on $200 billion in Chinese goods. China immediately retaliated and said a trade deal will not be reached unless the existing duties were stripped.
Chinese purchases of U.S. agricultural products remains a big sticking point in the trade conflict. Trump claimed Thursday that China agreed to buy “in large quantities, but did not do so.” China, however, insisted millions of tons of U.S. soybeans have been shipped to China since July 19, and many companies have made orders for American soybeans, cotton, pork and sorghum, Chinese state media Xinhua said.