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Tariffs of 25% on billions of dollars of Chinese goods imposed by President Donald Trump are likely to send prices higher by this time next year.
The Chinese Ministry of Commerce called President Donald Trump's new request for an additional 10% tariff on $200 billion of Chinese goods "blackmail" and promised to response to trade restrictions of a proportional amount.
China slammed President Donald Trump's decision to move forward with tariffs on $50 billion worth of Chinese goods and said the country was ready for a trade war. Analysts speculated that the sudden reversal by Trump could be a ploy to gain leverage in talks with China, but it could backfire.
The Chinese Ministry of Commerce said it was "surprised" with the White House's announcement that tariffs on $50 billion worth of Chinese goods would go forward but also called the move "somewhat expected."
The White House announced Tuesday that it would move forward with trade restrictions, including tariffs on $50 billion worth of Chinese goods, despite a preliminary deal with the Chinese government.
President Donald Trump is starting to backtrack on the China trade agreement just days after praising the deal. The reason is unclear but it may have to do with the breakdown of North Korea summit talks and the heavy criticism of the deal from both parties.
A group of 27 senators, both Republican and Democrat, sent a letter to top Trump officials on Tuesday requesting caution during trade negotiations with China. The lawmakers specifically warned against loosening export controls on key US technologies since doing so could help boost China's military.
The Trump administration is nearing a deal to lift sanctions on Chinese telecom giant ZTE in exchange for major shake-ups at the highest levels of the company according to the Wall Street Journal. The deal would come after weeks of negotiations over the US crackdown on ZTE.
President Donald Trump said Wednesday that "nothing has happened with ZTE" after lawmakers on both sides of the aisle criticized his apparent decision to walk back sanctions against the Chinese telecom giant.
President Donald Trump's reversal of sanctions against Chinese telecom giant ZTE is part of a larger trade deal according to the Wall Street Journal. In exchange, the Chinese government will lower tariffs on imports of US agricultural products like pork and wine.