Trump says Beijing broke trade deal during US-China talks
US President Donald Trump said that Beijing had broken the deal with Washington during the bilateral trade talks. Trump made his statement during a campaign rally in Florida, Trend reports citing Sputnik.
"You see the tariffs we're doing?" Trump told a rally with supporters in Florida. "Because they broke the deal […] They broke the deal. So they're flying in. The vice premier tomorrow is flying in, but they broke the deal. They can't do that. So they'll be paying. If we don't make the deal, nothing wrong with taking in more than $100 billion a year".
The United States and China are set to meet in Washington on Thursday for a final round of trade negotiations with hopes of avoiding a looming tariff hike. The US president said on Wednesday that China was trying to make a deal, but should the talks fall apart, the United States would be more than happy to fill its coffers with billions of dollars generated from duties levied on Chinese goods.
Moreover, on Wednesday, a notice posted in the Federal Register revealed that the Trump administration will increase tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent effective 10 May.
"In accordance with the direction of the President, the US Trade Representative (Trade Representative) has determined to modify the action being taken in this Section 301 investigation by increasing the rate of additional duty from 10 percent to 25 percent for the products of China covered by the September 2018 action in this investigation", the notice said. "The rate of additional duty will increase to 25 percent with respect to products covered by the September 2018 action on May 10, 2019".
The Chinese Commerce Ministry responded to the federal notice by warning the US of countermeasures.
"China expresses deep regret over this, and if the US actually raises the tariffs, the Chinese side will be forced to take the necessary countermeasures", the ministry said.
The United States and China have been in a trade dispute since June, when Trump announced the imposition of 25 percent tariffs on Chinese goods worth of $50 billion in a bid to fix the US-Chinese trade deficit. Since, the two countries have exchanged in several rounds of trade tariffs.