Trump says tariffs on $200 billion of Chinese goods will increase to 25%

WASHINGTON, May 5 (MENA) – President Donald Trump said Sunday that tariffs on $200 billion of Chinese goods will increase to 25% on Friday, despite repeated claims by the administration in recent weeks that trade talks with Beijing were going well, CNBC reported.

The tariff rate on those goods was originally set at 10%. Trump had initially threatened to increase the tariffs at the start of the year, but postponed that decision after China and the US agreed to sit down for trade talks.

In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”

The president said that trade talks with China are continuing, but are moving too slowly as Beijing tries to re-negotiate.

The U.S. imports goods from China totaling $539.5 billion and the trade deficit stood at $419.2 billion in 2018, according to the Office of the U.S. Trade Representative.

If Trump follows through with his threats, virtually all goods imported from China to the U.S. would face some sort of tariff.