U.S. President Donald Trump on Thursday announced plans to levy an additional 10 percent in tariffs on China one day after the two countries concluded a round of trade talks in Shanghai.
The tariffs were expected to go into effect Sept. 1 and will target $300 billion of Chinese-made goods, including iPhones, toys, sneakers and other electronics.
“We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing,” Trump said in a statement announcing the new tariffs. “More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so. Additionally, my friend President Xi [Jinping] said that he would stop the sale of Fentanyl to the United States — this never happened, and many Americans continue to die!”
Trump said there will be future trade talks with China.
“We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!” he said.
The United States previously put a 25 percent tariff on $250 billion of Chinese goods, and with the new 10 percent duty, the United States effectively tariffs all Chinese goods.
At the conclusion of Wednesday’s trade talks in Shanghai, there were signals of some progress.
China agreed at the talks to buy more agricultural products from the United States, and called the discussions “frank, efficient and constructive.” The United States agreed to provide “favorable” conditions for imports.
The renewed talks were accompanied by little fanfare, but some hoped the low-key gathering might inspire signs of progress. The trade conflict between Washington and Beijing is now in its second year.
The U.S. and Chinese leaders agreed to meet again in September, possibly in the United States. Trump and Xi also said last month they’d agreed to more talks.
“The two sides discussed topics such as forced technology transfer, intellectual property rights, services, non-tariff barriers, and agriculture,” the White House said Wednesday. “The meetings were constructive, and we expect negotiations on an enforceable trade deal to continue in Washington, D.C., in early September.”
Some experts say China is in no hurry to make new trade concessions, as fears over the new U.S. tariffs have subsided — mainly because the resulting economic harm has been less than expected. Analysts say Beijing is also closely watching the 2020 presidential race to see how it may affect U.S.-China trade.
Clyde Hughes contributed to this report.
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