President Donald Trump threatened on Sunday to increase tariffs on $200 billion worth of Chinese goods to 25 percent, as it is apparent that trade talks with China are stalled, Fox News informed.
“The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump tweeted showing his frustrations about the slow process of negotiations.
President Trump stated that he is seriously thinking of increasing the import taxes on $200 billion in Chinese goods from 10 percent to 25 percent.
Trump’s remarks came right before Vice-Premier Liu He’s visit to Washington for resuming the negotiations. Both countries are making an attempt to stop a trade war that had a great impact on the world economy. The President already postponed the increase of the tariffs twice. Treasury Secretary Steven Mnuchin stated that previous April talks between the U.S. and China were “productive.”
Senate Minority Leader Chuck Schumer, D-N.Y., responded to Trump’s tweet on Sunday by saying that he should stay strong.
“Hang tough on China, President @realDonaldTrump. Don’t back down,Strength is the only way to win with China,” Schumer wrote.
Both countries have been in a dispute over China’s push to make his position on the world stage as a technological superpower. The U.S. accused China of using predatory tactics such as cybertheft and forcing foreign companies to hand over technology, so that the country can establish Chinese companies as world leaders in advanced industries like robotics and electric vehicles.
Last July, the Trump administration slowly started imposing import taxes on Chinese products in order to pressure Beijing into changing its policies.