US President Donald Trump has doubled down on his threat to crank up the tariffs on China, saying that Beijing trampled on the draft deal negotiated with the US. China vowed to retaliate with a tit-for-tat response.
Speaking at a rally in Florida on Wednesday, Trump went into yet another fiery tirade on China, accusing it of not heeding the provisional trade agreement it had reportedly struck with the US.
“They broke the deal. They can’t do that. So they’ll be paying. If we don’t make the deal, nothing wrong with taking in more than $100 billion a year,” Trump said, referring to a new tariff hike on Chinese goods that is set to come into effect on Friday at midnight. The tariffs on $200 billion worth of Chinese goods will increase from 10 percent to 25 percent, the US Trade Representative’s Office announced.
The measure will impact the import of technical appliances, such as vacuum cleaners, computer modems and routers, as well as furniture, lighting, and construction materials.
China indicated that it would roll out punitive measures of its own in response to the hike.
“The Chinese side deeply regrets that if the U.S. tariff measures are implemented, China will have to take necessary countermeasures,” China’s Commerce Ministry said. In the run-up to the new round of negotiations between US and Chinese trade officials, Trump has ramped up his criticism of Beijing.
Earlier on Wednesday, Trump threw Democratic presidential frontrunner Joe Biden into the mix, tweeting that China’s reluctance to seal a deal and its attempt to renegotiate the terms is due to “sincere HOPE” that Beijing will soon be dealing with Biden “or one of the very weak Democrats” and “thereby continue to ripoff the United States (($500 Billion a year)) for years to come….”