U.S. Increase Chinese Import Duties For 200 Billion Dollars
US dollar Donald Trump's $ 200 billion Chinese import duties have entered into force this morning, and this is compounding tensions between the U.S. and China.
However, negotiations between the countries are still going on to prevent the deepening trade war between the world's two largest economies.
China said it deeply regrets the U.S. decision to increase Chinese import duties from 10% to 25% and added that it would take counter-measures to strike back.
Reuters said that markets generally did not respond to increased duties, expecting the outcome of the talks.
Last night's talks in the U.S. capital were resumed as the Chinese participants led by Vice President Liu He were recieved by Finance Minister Steve Munchin and permanent sales representative Robert Lightheiser. Their conversations should continue today.
Prior to the talks, Trump said the two sides were close to a deal, but the Chinese have tried to renegotiate it.
He added that he is willing to increase the volume of additional Chinese goods by another 325 billion dollars.
The U.S. president began the trade war with China a year ago, because he considers the Asian country as an unfair competitor, given the trade imbalances and the violation of intellectual property rights.
According to the International Monetary Fund, the economic conflict between the U.S. and China poses a threat to the global economy.
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