US tariffs on China jump as deadline passes, but talks will continue
President Donald Trump raised the stakes in his trade conflict with China as the U.S. increased tariffs on $200 billion in Chinese goods.China's Commerce Ministry said immediately after the midnight ET deadline for the tariff hike that it would take countermeasures against the American move. It did not announce what its response would entail.
Yet despite the ongoing talks about a trade agreement, the Trump administration is hiking duties on the products to 25% from 10%. Trump first announced the tariff increase Sunday as the White House accused China of reneging on key parts of a developing agreement. On Wednesday night, he claimed Beijing"broke the deal" — a remark that sent Asian and U.S. stocks tumbling on Thursday. U.S. equity markets recovered later in the day after Trump said a deal was still possible this week. He added that he received a letter from Chinese President Xi Jinping and could speak to his counterpart on the phone.
Trump has prepared to put even more pressure on China as he pushes for an agreement. The president has threatened to slap 25% tariffs on $325 billion in Chinese goods that remain untaxed.
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