US raises tariffs on $200 billion worth of Chinese imports from 10% to 25%
Washington has carried out the US president's latest threat, increasing import duties on $200 billion worth of Chinese goods from 10 percent to 25 percent, according to the Federal Register.
The hike will come into effect on May 10, with US trade representatives expected to establish a process for individuals seeking exclusions from additional tariffs for certain products.
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Earlier Wednesday, US President Donald Trump said he would be happy to keep tariffs in place on Chinese imports. The president stressed that Beijing is mistaken if it hopes to negotiate trade later with a Democratic presidential administration.
“The reason for the China pullback & attempted renegotiation of the Trade Deal is the sincere HOPE that they will be able to 'negotiate' with Joe Biden or one of the very weak Democrats,” Trump said via Twitter.
“Guess what, that's not going to happen! China has just informed us that they (Vice-Premier) are now coming to the US to make a deal. We'll see, but I am very happy with over $100 Billion a year in Tariffs filling US coffers,” he added.
Original: https://www.rt.com/business/458727-us-raises-tariffs-chinese/
On the one hand, it's extra income to offset a terrible budget deficit. On the other, this is going to hurt a lot more than just the Chinese government...