US tariff increase on $200B of Chinese imports takes effect

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BEIJING — President Donald Trump’s latest tariff hikes on Chinese goods took effect Friday and Beijing said it would retaliate, escalating a battle over China’s technology ambitions and other trade strains.

The Trump administration raised import taxes on $200 billion of Chinese imports from 10% to 25%. China’s Commerce Ministry said would take “necessary countermeasures” but gave no details.

The increase went ahead even as American and Chinese negotiators began another round of talks in Washington aimed at ending a battle that has disrupted billions of dollars in trade and shaken global financial markets.

American officials accuse Beijing of backtracking on commitments made in earlier rounds of negotiations.

The talks were due to resume Friday after wrapping up without any word on progress.

“China deeply regrets that it will have to take necessary countermeasures,” said a Commerce Ministry statement.

Beijing retaliated for previous tariff hikes by raising duties on $110 billion of American imports. But regulators are running out of U.S. goods for penalties due to their lopsided trade balance.

Regulators have targeted operations of American companies in China by slowing customs clearance for their goods and stepping up regulatory scrutiny that can hamper operations.

The higher import taxes apply to Chinese goods shipped on or after Friday. That means goods that already are on the way to U.S. ports will be charged the lower earlier rate.

By sea, goods sent from China take about three weeks to cross the Pacific. That gives negotiators more time to reach a possible agreement before the full force of the increase hits.


1 Comment

  1. RICHARD says

    PRICE FIXED OUT OF BUSINESS….It should be quite obvious to anyone with ‘at least’ a high school education, that the tariffs are no more than a price-fixing scheme by the international billionaire class. The ones that put Trump into office. We need to get him out before he ‘ultimately’ will bankrupt us all. If we got rid of this billionaire class it would end world poverty and stop wars. Especially those that make their billions in metals. Billionaires such as Carl Icahn and plenty of other greedy international billionaires, many from Russia also used clandestine U,S, business fronts to put hundreds of millions into Trump’s campaign. There are others of these abominable parasites Not only Carl Icahn ‘a phony philanthropist’ that diverts funds (100 million) from his tax-exempt status into the Trump political campaign. But dozens of these abominable creatures..That is hundreds of millions, and billions they have robbed from us.Their ultimate goal is greed. This is all money that is going straight into the billionaires pocket and out of ours., Trump should be indicted for tax fraud and kicked out of office. I guess being a politician and greed, takes precedence over ethics, morals or scruples.

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