China Raises Tariffs on U.S.-Made Goods; Talks to Extend Into June
Washington, DC, May 13, 2019-U.S. trade negotiations with China will likely continue into June, the Wall Street Journal reports; following that news, China announced it would retaliate to the U.S. tariff increases by increasing tariffs on U.S.-made imports.
“China has invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing to continue trade negotiations, White House economic adviser Larry Kudlow said Sunday.
“The U.S. officials hadn’t firmed up plans to travel, Mr. Kudlow said in an interview on ‘Fox News Sunday.’ President Trump and Chinese President Xi Jinping are likely to talk directly at a G-20 meeting in Japan at the end of next month, Mr. Kudlow said.
“The two countries have been negotiating a trade plan for more than five months, and the latest round of talks reached an impasse Friday in Washington.
In addition, the publication reports that China will “raise tariffs on roughly $60 billion worth of U.S. imports, in response to the U.S. increasing tariffs on $200 billion worth of Chinese goods.
“Starting from June 1, China will raise tariffs to as high as 25% on products it currently taxes at 5% to 10%, the State Council said in a statement late Monday Beijing time. The move comes after the U.S. raised punitive tariffs on Friday to 25% from 10% for $200 billion in goods from China. It also comes as the U.S. is expected to release details on fresh levies on more than $300 billion worth of additional goods that China sells to the U.S.”