President Donald Trump may hike US tariffs on Chinese goods further if a trade deal between the two countries is not reached this week. Goods worth hundreds of billions will be targeted.
Announced Sunday, the decision of Trump marked another escalation in trade tensions between United States and China, the two largest economies in the world.
Tone of Trump was different than what he had spoken on Friday when he said talks with China is in progress.
US Treasury Secretary Steven Mnuchin too earlier described the ongoing talks with China were productive.
Meanwhile, Chinese officials are surprised with the latest comment of Trump and it is learned China may cancel trade talks later this week in Washington.
It was expected 100-person Chinese delegation would attend the talks led by Chinese Vice Premier Liu He.
Announced Sunday, the decision of Trump marked another escalation in trade tensions between United States and China, two largest economies in the world.
United States Trade Representative Robert Lighthizer updates information that Beijing was lately pulling back from some commitments which were earlier agreed and this prompted Trump to jab on Twitter that more tariffs could be on card for Chinese products arriving in US.
Trump’s tweet read, “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!”
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