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10/05/2019 01:57pm

US imposes increased tariffs on Chinese goods even with trade talks underway

image US imposes increased tariffs on Chinese goods even with trade talks underway

New Delhi, May 10 (KNN) The United States today imposed raised tariffs on USD 200 billion worth of Chinese goods to 25 per cent from 10 per cent earlier. The news came hours after the global market rose its hope of a possible trade deal between US and China.

The trade talks are underway between the two sides in Washington.

US President Donald Trump on Thursday accused China of trying to renegotiate a trade deal that has been negotiated after months of efforts and asserted he would not let that happen.

Trump told reporters earlier in the day that such a move is necessary to hold China to previous commitments.

“We were getting very close to a deal then they started to renegotiate the deal. We can’t have that,” he told reporters at the White House.

Meanwhile, China’s Global Times on Friday suggested China would retaliate after the US moved to increase tariffs. Countermeasures are expected soon, it quoted Chinese commerce ministry officials as saying.

China’s Commerce Ministry said it “deeply regrets” the U.S. decision, adding that it would take necessary countermeasures, without elaborating.

But even as China threatened to retaliate, negotiators in Washington agreed to stay at the table for a second day, keeping alive hopes of an eventual agreement.

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