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US Tariff Increase On Chinese Goods Kick In; China To Retaliate

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The tariff increase from 10 percent to 25 percent on Chinese goods worth $200 billion that was informed by the US President Donald Trump on 5 May, has become effective from Friday midnight.

Immediately following the midnight deadline, China's Commerce Ministry said that it would take countermeasures against this move. While the details of this action were not revealed, the ministry said that it "deeply regrets" the turn of events.

US Tariff Increase On Chinese Goods Kick In; China To Retaliate
 

Talks to come to an understanding to end the trade spat between the two biggest economies of the world are ongoing. A resolution was hoped to be reached before the tariff increase kick-in, but a deal was not materialised.

President Trump, in a press meet on Thursday, said that China "broke the deal" and he retaliated with tariff threats. This statement sent Asian and American stocks tumbling further. The markets later recovered after he said that a deal would still be possible following the scheduled talks between the country's representatives.

The Chinese representative for these trade negotiations, Vice Premier Liu He, arrived in Washington on Thursday. The two days (9 and 10 May) of scheduled talks will continue on Friday.

"This evening, (United States Trade Representative Robert Lighthizer) and (Treasury Secretary Steven Mnuchin) met with President Trump to discuss the ongoing trade negotiations with China. The Ambassador and Secretary then had a working dinner with Vice Premier Liu He, and agreed to continue discussions tomorrow morning at USTR," Judd Deere, White House Deputy Press Secretary, said in a statement made on Thursday evening.

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