Trump Tweets US Plan as Tariffs on Chinese Products Kick In

Donald Trump has raised import duties on US$250 billion of Chinese goods

President Trump helped spark a tumultuous week on Wall Street by announcing on Twitter Sunday that his administration will be steeply increasing tariffs Friday on $200 billion in goods, rising tariffs from 10% to 25%.

"A major concern here, the products would be deemed mission-critical and the U.S. would prevent shipments to China, or tax them heavily (a large buyer of GPUs)", said Steves.

Vice President Mike Pence said last week that "President Trump remains very hopeful" about concluding an agreement to solve tensions, and Treasury Secretary had recently called talks between the two nations "productive".

If the increases take effect as planned, Beijing will impose "necessary countermeasures", the Commerce Ministry said.

The Trump team is intensifying its trade war with Beijing, which it claims reneged on commitments it had made in earlier trade talks.

A White House spokesman said U.S. officials had agreed with the vice-premier to resume talks on Friday morning, according to media reports.

"China deeply regrets that it will have to take necessary countermeasures", a statement from China's Commerce Ministry said - though it offered no detail on what those measures might be.

Trump gave USA importers less than five days notice about his decision to increase the rate on the $200 billion category of goods to 25 percent, which now matches the rate on a prior $50 billion category of Chinese machinery and technology goods. And he has renewed his threat to extend the tough tariffs to all products the United States imports from China. Then, about five weeks ago, they said, 'How about Friday?

Reuters on Wednesday revealed the extent of the rift that has opened between the two countries, reporting that a draft trade agreement text sent by Beijing on Friday night was riddled with changes that marked reversals in Chinese commitments that undermined core U.S. demands. It could also use other tactics to disrupt business for United States firms in China. "It'll be the old-fashioned way, the way we used to do it: We made our own product".

US officials say they got an inkling of China's second thoughts about prior commitments in talks last week in Beijing but the backsliding became more apparent in exchanges over the weekend.

"Pushing rates to 25% will prove extremely damaging to those companies, and the collateral damage will ripple around the globe".

Lahore blast: Bombing at gate of shrine in Pakistan city
It is not clear if the shrine, established in the 11th century, was the intended target and what, if any, damage it had suffered. Khan deplored said those behind the incident in the holy month of Ramzan are "misguided elements".

Britain To Vote In EU Parliament Election Despite Brexit
The government needs a looser relationship with an bloc that would let trade deals that are new strike around the world. The people are desperate to proceed after losing countless positions in previous week's local authority elections.

Mnuchin refuses to give Trump's tax returns to House Dems
Unprecedented, but is it illegal? And, as The Washington Post reports , what is "unprecedented" is Mnuchin's refusal. Mnuchin said in his letter that he relied on "the advice of the Department of Justice" in making this determination.

USA business groups appealed for a settlement that will resolve chronic complaints about Chinese market barriers, subsidies to state companies and a regulatory system they say is rigged against foreign companies.

For instance, the US-China trade war was one of the key factors that triggered a massive sell-off in the fourth quarter of 2018.

Chinese Vice Premier Liu He huddled with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Washington on Thursday for about 90 minutes of talks before breaking and reconvening later for a working dinner.

Negotiations to rescue a trade deal will conclude Friday.

At his hotel, Mr Liu told reporters that the talks had gone "fairly well", according to Bloomberg, which nevertheless cited sources saying little progress had occurred.

Earlier on Thursday, Trump sought to calm US financial markets after he insisted it was still possible to reach a deal this week, even as he reiterated plans to raise tariffs on Chinese goods.

The new tariffs raised the import taxes of those goods from 10 percent to 25 percent at 12:01 a.m. Friday as talks were set to continue Friday.

The Asian Trade Centre's Ms Elms said the Chinese want to demonstrate they are taking the process "seriously".

The Yangshan container port in Shanghai.

The Trump administration raised duties on almost half of Chinese imports to 25 from 10 percent.

Related news:

Hot News

isis-killer-beheading-video-story-top Decoding Archie Harrison Mountbatten-Windsor: The meaning behind the newborn's name
May 11, 2019 - 01:35
For the unversed, the couple chose to not accept a royal title which is typically given to the royal family members. After making his way to the castle, Winnie sits down with the Duke and Duchess has they look at the book.

isis-killer-beheading-video-story-top Last minute goal costs Ajax Champions League final place
May 11, 2019 - 01:17
Liverpool made it to the final of the competition for the second time in a row and people are congratulating them for it. They released a joint statement saying they are unhappy about the cost of travel for the big game in Madrid next month.

isis-killer-beheading-video-story-top OnePlus 7 Pro price and specifications leaked: Everything you need to know
May 11, 2019 - 01:16
You can also see that there's no notch or punch-hole cut-out here because the OnePlus 7 Pro will come with a pop-up selfie camera. The new smartphone will come with a curved display this time backed by top Corning Gorilla Glass protection.

isis-killer-beheading-video-story-top PlayStation's State of Play returns with big news on Thursday
May 10, 2019 - 02:25
It's expected to be a quick show at just 10 minutes of run time, so it's likely we won't be seeing much more than that. PlayStation Worldwide Studios will present an extended look at the " MediEvil " remake for the PlayStation 4 .

isis-killer-beheading-video-story-top Trump's tax records show loss of over 1 billion USA dollars
May 10, 2019 - 02:19
Citing printouts from the president's Internal Revenue Service (IRS) tax transcripts obtained by the paper, The Times said Mr. The New York Times has dropped a bombshell.

isis-killer-beheading-video-story-top White House Instructs Ex-Counsel McGahn Not To Comply With Congressional Subpoena
May 10, 2019 - 02:18
Cedric Richmond of Louisiana said the road ahead may be "messy" but Democrats must fight to "protect our democracy". Last week, Trump told Fox News that he did not want McGahn to testify, saying, "That is all".

isis-killer-beheading-video-story-top Royal fans (and haters) react to Meghan and Harry’s baby’s name
May 10, 2019 - 01:58
"Happy they chose Archie HARRISON Mountbatten-Windsor, but regret not being more specific". The name " Archie " is now trending in the Number 1 spot on social media worldwide.

isis-killer-beheading-video-story-top Google's Android Auto gets new look
May 09, 2019 - 00:36
Nowhere is that more visible than with the ever-increasing number of devices that receive early beta Android releases. Other brands now participating in the beta include are Huawei , LG, Nokia, Sony, Xiaomi, OnePlus, Asus, and Oppo.

isis-killer-beheading-video-story-top Three Upcoming ‘Star Wars’ Movies Get Release Dates
May 09, 2019 - 00:33
Abrams ( Star Wars: The Force Awakens , Star Trek ) returning to direct the ninth and final installment of the Skywalker saga . However, Kennedy also added, "And we're taking the time to really look at where this is going from the standpoint of a saga".

isis-killer-beheading-video-story-top Newspaper: Trump lost more than $1 billion from 1985 to 1994
May 09, 2019 - 00:31
Officials in New York state are also taking steps to seek the president's tax returns, the New York Times has reported. Donald Trump waves to reporters with his wife, Ivana, as they board their luxury yacht in New York City in 1988.

isis-killer-beheading-video-story-top Celtics' Smart cleared for full-contact practice, hopes to play Game 4
May 09, 2019 - 00:30
The Celtics, trailing 2-1 in this best-of-seven series, were desperate. "We'll have to bring that fight to them on Wednesday". The Celtics could get a key player back in guard Marcus Smart , who participated in practice Sunday.

isis-killer-beheading-video-story-top Meghan Markle's father Thomas breaks silence after birth of grandson
May 09, 2019 - 00:29
Royal names in Britain are normally chosen from a relatively restricted pool of those used by past royals. The duchess stayed in overnight before her baby was born at 5.26am on Monday.

isis-killer-beheading-video-story-top Stephen A. Smith Reveals Why Klay Thompson "Isn’t Happy"
May 09, 2019 - 00:29
The Warriors do have three legitimate stars (and one superstar) hitting the free agent market this summer if they don't re-sign. The question for the Warriors is whether Kevin Durant returns to Golden State and for how much.

isis-killer-beheading-video-story-top Jurgen Klopp wants Liverpool to sign Barcelona untouchable
May 08, 2019 - 02:13
For many years to come, Liverpool fans will recall with pride what their passionate, inspired team did here. In an ideal world, in a season you always have much more players than you can involve in a squad.

isis-killer-beheading-video-story-top Ashley Young "can't fault effort" of Man Utd teammates in Huddersfield draw
May 08, 2019 - 02:00
We knew we needed other people to help us but we needed to help ourselves and we haven't done that today. The kids will get chances to play games, that's for sure.