US increases tariffs on Chinese imports to 25%
According to ‘El Mundo’, this midnight entered into force a current 10% rise to 25% in tariffs on Chinese imports valued at 200 billion of dollars. This measure further distorts the negotiations between Washington and Beijing to contain the trade war between the two largest global economies.
This rise in tariffs on Chinese imports has occurred despite the multiple meetings held between China’s vice prime minister, Liu He, with Robert Lighthizer, U.S. Foreign trade manager, and Steven Mnuchin, Secretary of the Treasury. ‘El Mundo’ stresses that Liu will meet again this Friday, May 10 with the U.S. negotiators, with the aim of removing or lowering this tariff hike.
Response from China
According to ‘El País’, the Beijing Ministry of Commerce has immediately released a brief communiqué announcing that China will take countermeasures against this U.S. tariff rise. This communiqué also highlights that negotiations with Washington are still under development.
The original plan of Donald Trump was to raise the tariffs to Chinese imports at 25% at the beginning of the year “if the Asian giant renounced to negotiate and maintained its practices”, according to ‘El País’. However, the two powers decided to establish a temporary truce until now.
‘El País’ also notes that this 25% increase in tariffs on Chinese imports “does not apply to merchandise that came out of Chinese ports by 10 May.” This gives a margin of about two weeks for the two countries to continue negotiating until they reach an agreement that benefits both.
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