The tariffs took effect at 12:01 a.m. Friday, with trade talks expected to continue.
By David J. Lynch and David J. Lynch Financial writer covering trade and globalization Email Bio Follow Damian Paletta Damian Paletta Reporter covering economic policy Email Bio Follow May 10 at 12:05 AM The United States and China hurtled toward a defining moment in their four-decade-old , with financial markets bracing for the outcome of unusually dramatic trade talks in Washington.
“We hope that the U.S. and China will meet each other halfway and make joint efforts to solve the existing problems through cooperation and consultation,” a spokesman said in a statement. At stake — along with industrial supply chains supporting millions of American jobs — was the president’s core campaign promise to rebalance the U.S. trading relationship with China in favor of American blue-collar workers. Nearly $660 billion in goods were traded between the two countries last year.U.S. officials said Trump’s “America First” stance rocked Chinese leaders and halted the erosion of American manufacturing and technology industries by Chinese trade practices.
“What was the difference? The difference was the [Chinese] tariffs went from 15 to 40 percent,” Bozzella said. “So that’s what’s at stake.” Trump said Thursday that he had received “a beautiful letter” from Chinese President Xi Jinping and may speak to him by phone, though he did not say whether that would occur before the scheduled increase in tariffs takes effect.[Until Trump’s trade war is over, it’s probably best if you don’t look at your 401]
“We were getting very close to a deal, and then they started to renegotiate the deal. We can’t have that,” the president said, following a White House event on preventing surprise medical bills. “It was their idea to come back.” Along with Friday’s increase, the president has also threatened to extend tariffs to all $540 billion in annual Chinese imports.
But the president wants to keep some or all of the import taxes in place as leverage to encourage Chinese compliance. The administration is wary of repeating what it sees as the mistakes of earlier Republican and Democratic administrations: reaching agreements with China that lacked ironclad enforcement mechanisms.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. poised to double tariffs on $200 billion of Chinese imports, escalating U.S.-China trade warU.S. poised to more than double tariffs on $200 billion of Chinese imports, escalating trade war; talks expected to resume Friday
Read more »
U.S. will raise tariffs on $200 billion worth of Chinese imports: Federal RegisterU.S. will raise tariffs on $200 billion worth of Chinese imports - Federal Register
Read more »
U.S. to hike tariffs on $200 billion worth of Chinese imports: Federal RegisterThe United States will raise tariffs on $200 billion worth of Chinese imports to...
Read more »
U.S. hikes tariffs on Chinese goods, China says to strike backU.S. President Donald Trump's tariff hike on $200 billion of Chinese goods takes effect by davelawder
Read more »
China's central bank adviser says U.S. tariffs could cut GDP growth by 0.3 percentage pointsPlans by Washington to hike tariffs on $200 billion of Chinese goods could cut C...
Read more »
Ahead of U.S.-China trade talks, Xi writes to TrumpU.S. poised to increase tariffs on $200 billion in Chinese goods Friday morning
Read more »
Prince Charles opened a bed and breakfast that's just $200 a night — take a lookPrince Charles opened a bed and breakfast that's just $200 a night — take a look via CNBCMakeIt
Read more »