U.S. President Donald Trump's tariff hike on $200 billion of Chinese goods takes effect by davelawder
WASHINGTON/BEIJING - U.S. President Donald Trump’s tariff increase to 25 percent on $200 billion worth of Chinese goods took effect on Friday, and Beijing said it would strike back, ratcheting up tensions as the two sides pursue last-ditch talks to try salvaging a trade deal.
The hike comes in the midst of two days of talks between top U.S. and Chinese negotiators to try to rescue a faltering deal aimed at ending a 10-month trade war between the world’s two largest economies. With no action from the Trump administration to reverse the increase, U.S. Customs and Border Protection imposed the new 25 percent duty on affected U.S.-bound cargoes leaving China after 12:01 a.m. EDT on Friday.
Trump gave U.S. 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. Gary Shapiro, chief executive of the Consumer Technology Association said the tariffs would be paid by American consumers and businesses, not China, as Trump has claimed.
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