Trump says he will increase tariffs on $200 billion of Chinese goods

President Trump on Sunday said tariffs on $200 billion of goods from China will rise to from 10 percent to 25 percent on Friday and threatened to to impose 25 percent tariffs on an additional $325 billion of Chinese goods “shortly.” 

“For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods,” Trump tweeted. “These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday.” 

{mosads}The White House on Wednesday said the U.S. and China were making “substantial progress” in their ongoing trade negotiations, and reports had indicated that the countries were circling an agreement. 

The president on Sunday wrote that the trade deal “continues, but too slowly, as they attempt to renegotiate. No!”

He pledged to begin taxing “325 Billions Dollars of additional goods sent to us by China … at a rate of 25%.”

….of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!

— Donald J. Trump (@realDonaldTrump) May 5, 2019

Treasury Secretary Steven Mnuchin said last week that trade talks between the U.S. and China are entering their final stages.

“We’re getting into the final laps,” Mnuchin told The New York Times on the sidelines of the Milken Institute Global Conference in Los Angeles.

“I think both sides have a desire to reach an agreement,” he added. “We’ve made a lot of progress.”

American and Chinese negotiators, including Mnuchin and U.S. Trade Representative Robert Lighthizer, met on Wednesday to negotiate the trade deal.

Last year, President Trump imposed steep tariffs on $250 billion of Chinese imports in a bid to pressure Beijing on a range of issues, including intellectual property and technology transfer.

The two nations exchanged escalating tariffs throughout 2018 and have been engaged in further trade talks this year. 

Updated 1:02 p.m.