President Trump said on Sunday the U.S. tariffs imposed on $200 billion of Chinese goods will increase to 25 percent on Friday, attributing the payments on those products to the “great economic results.”
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The U.S. already imposes a 10 percent tariff on $200 billion of goods and a 25 percent tariff on $50 billion of tech products. Trump also threatened to slap an additional 25 percent tariff on $325 billion of goods.
White House officials have stressed that both sides are eager to wrap up talks; last week, Treasury Secretary Steven Mnuchin told FOX Business that although they still had “more work to do,” enforcement mechanisms were “close to done.”
“If we get to a completed agreement it will have real enforcement provisions,” he said at the time.
Trump, however, warned that although talks were continuing, they were progressing too slowly as Beijing tries to renegotiate.
“The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump wrote.
Politico reported on Wednesday that the two countries are close to a deal, which could come as soon as the end of this week.