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10 May 2019

US increases tariffs on Chinese goods to 25%

China has said it “deeply regrets” the US decision to raise tariffs on Chinese goods.

The increase, which was instituted today, Friday May 10, will see tariffs on $200 billion of Chinese goods hike to 25%, up from 10%.

It comes after US president Donald Trump tweeted on Sunday, May 5 that he would raise tariffs due to China’s alleged backtracking on commitments it made during trade talks.

China’s  Commerce Ministry said it would take necessary countermeasures and that negotiations between the countries were continuing,  Reuters reported.

The ministry said, “it hopes the US can meet China halfway, make joint efforts, and resolve the issue through cooperation and consultation”.

Yesterday, Thursday, May 9, US trade representative Robert Lighthizer,  US treasury secretary Steven Mnuchin and Chinese vice premier Liu He engaged in a 90-minute talk to try to end the trade war between the two economies.

imposed the new 25% duty on affected US-bound cargoes leaving China after 12:01 am EDT (04:01 GMT) on Friday.

Goods that left Chinese ports and airports before midnight will still be subject to the original 10% duty rate.

The biggest Chinese companies affected by the increase will be those producing internet modems, routers and other data transmission devices, as well as printed circuit boards used in a variety of US-made products.

Auto parts, vacuum cleaners, furniture and building materials were also high on the list of products subject to the higher tariff.

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