WASHINGTON – US President Donald Trump warned China just hours ago today, May 13th, not to retaliate against the tariff increase undertaken by the American side last week, adding that Beijing “will suffer greatly if it does not agree to an agreement.”
Meanwhile China has previously stated that starting June 1st, it plans to impose duties ranging from 5% to 25%, imports from the United States in the amount of $ 60 billion.
..There will be nobody left in China to do business with. Very bad for China, very good for USA! But China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job). Therefore, China should not retaliate-will only get worse!
— Donald J. Trump (@realDonaldTrump) May 13, 2019
The United States raised tariffs for Chinese goods worth $ 200 billion to 25% from 10%, and is also preparing to impose duties on another $ 300 billion covering virtually all Chinese imports.
Trump’s economic adviser Larry Cudlow said on Sunday, May 12, that “both sides” are likely to suffer due to increased trade tensions. As noted by Reuters, the words of the adviser to Trump contradict the statements of the owner of the White House that no increase in tariffs will affect American consumers.
In addition, another 1.1 thousand items of American products will be subject to a 20 percent duty, and 1 thousand other items of goods – 10 percent.
According to the ministry, duties on 2493 goods from the special list, including liquefied natural gas (LNG), petrochemical products, soybean and peanut oil, frozen vegetables and cosmetics, will increase by 25% by 1078, and 1078 goods will go up by 20%. More than 1,500 products increase in fees from 5% to 10%.
Trade negotiations between the United States and China were interrupted on Friday, May 10, with no visible progress on the path to an agreement that suits both parties. Earlier, US President Donald Trump instructed his negotiations representative, Robert Lightseiser, to begin the process of raising tariffs so that they affect all imports from China.