US files plans to raise tariffs on Chinese imports

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Washington has accused Beijing of reneging on its commitments and is preparing to raise import taxes on $200 billion of Chinese goods to 25% from 10% on Friday, and to impose tariffs on another $325 billion in imports, covering everything the country ships annually to the United States.

As he cranks up the pressure on China in pursuit of a new trade accord, President Donald Trump is putting his deal-making persona on the line and injecting new risk into his bid for another four years in the White House.

United States trade officials have accused their Chinese counterparts of walking back concessions the two sides had already agreed.

Chinese Vice Premier Liu He is due to arrive in Washington D.C. on May 9 for two days of talks.

Mr. Trump, angry that China is retreating from its commitments just as the sides appeared to be nearing a deal and confident the American economy can handle a continuation of the trade war, will increase tariffs on $200 billion worth of Chinese goods on Friday morning, his top advisers said. The developments raise the prospect that talks between the USA and China to resolve their trade war, now more than a year long, could collapse entirely.

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In a subsequent tweet, he wrote: "Guess what, that's not going to happen".

Credit: ShutterstockU.S. President Donald Trump said in February that he delayed an increase on tariffs affecting goods imported from China because of "very productive talks" between the countries.

Former Vice President Biden took heat last week when he pooh-poohed China being an economic threat to the US.

Global markets tumbled mightily following Trump's weekend threat, as well as concerns it could lead China to call off negotiations.

Liam Fox, the UK's trade secretary, said he understood the Trump administration's frustration with China over issues such as forced technology transfers and the dumping of goods on global markets, but said the dispute would be better solved through the multi-lateral system.

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Liu last week told Lighthizer and Mnuchin that they needed to trust China to fulfill its pledges through administrative and regulatory changes, two of the sources said.

Geng referred specific questions on the trade talks to the Commerce Ministry, which did not respond immediately to faxed questions from Reuters.

It has been reported that usa officials are unhappy with China reneging on trade commitments, but the administration, calling it "unacceptable", refrained from listing what exactly Beijing failed to do.

'Weak growth in Chinese exports to the USA will also be concerning to Chinese officials, particularly amid a potential escalation in the trade war, ' said Nick Marro, an analyst at The Economist Intelligence Unit. If the 25% tariff were extended to the rest of Chinese exports to the United States that might knock a further 0.3 percentage points off GDP.

"(The) President's best political option is not to surrender, but rather, to double down on the tariffs - they have been highly effective in pressuring the Chinese without harming the U.S. economy", he wrote.

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But according to reports, U.S. officials have become frustrated by China's attempt to reword the draft agreement in its final stages.

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