Daily Management Review

The United States will impose new duties on Chinese goods on Friday


US duties on Chinese goods totaling $ 200 billion will be raised from 10 to 25% on Friday from 00:01 Washington time, US Trade Representative Robert Lighthizer told reporters.

Shealah Craighead
Shealah Craighead
He noted that the increase in duties was caused by China’s attempts to revise the trade agreement draft. "During the last week or so, we have witnessed erosion of obligations on the part of China, I would say, a derogation from the obligations that have already been adopted and recorded as agreements," the media quoted Lighthizer as saying.

Finance Minister Steven Mnuchin, who also participates in trade negotiations with China, said that negotiations were completed by 90%, but, according to him, in recent days there has been a "significant retreat."

Earlier, President Donald Trump announced the decision to increase duties on products imported from China. He also warned about possible introduction of 25 percent duties on the rest of Chinese exports to the United States in the near future.

Now the possibility of concluding a trade agreement between the United States and China in May is doubtful, wrote The Wall Street Journal on Monday.

"Turning to a hard line is contrary to the recent optimism of the administration, and this frustrates plans for a potentially final round of talks this week," the publication said.

The publication referred to its informed sources as saying that, because of the new duties on Chinese goods announced by Trump, the visit of the Chinese delegation led by Vice Premier of the State Council of the People's Republic of China Liu Xe to negotiate a trade agreement can be canceled.

At the same time, the South China Morning Post reported, Liu He will still arrive in Washington, but will shorten his stay there. He will arrive in the United States on Thursday - three days later than the planned date, but he will extend his stay in the United States only for one day.

There was no official confirmation from the Chinese side.

source: reuters.com, wsj.com