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Business News

May 11, 2019
8:50PM

US hikes tariff on imports from China

DD News
US President Donald Trump ordered a tariff hike on almost all imports from China after the latest round of talks to end the trade war between the world's two largest economies, ended yesterday without a deal.

However, Beijing said the negotiations have not broken down and it is cautiously optimistic to reach an agreement. 

Trump's latest move came less than a day after he ramped up punitive duties on  200 billion dollars worth of Chinese imports, raising them to 25 per cent from 10 per cent.
   
The new increase applies to an even greater value of goods - put at about 300 billion dollars.
 
The latest Trump move came as China's top trade negotiator, Vice Premier Liu He, yesterday concluded his two days of trade talks with the US team led by US Trade Representative Robert  Lighthizer. 

Trump said he is in no rush to conclude trade talks with China. Trump is demanding China to reduce the massive trade deficit which last year climbed to over 539 billion dollar.

He is also pressing for verifiable measures for protection of intellectual property rights (IPR), technology transfer and more access to American goods to Chinese markets.

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