US President vows tariff hike on Chinese goods

Vastavam web: Donald Trump dramatically increased pressure on China to reach a trade deal on Sunday, saying he would hike U.S. tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon. The move marked a major escalation in tensions between the world’s largest economies and a shift in tone from Trump, who had cited progress in trade talks as recently as Friday. Stock markets sank and oil prices tumbled as negotiations were thrown into doubt.

U.S. officials did not immediately know if China would attend and the U.S. Trade Representative’s Office did not immediately comment. China’s commerce ministry did not immediately respond to a request for comment. The president also said he would target a further $325 billion of Chinese goods with 25 percent tariffs “shortly,” essentially targeting all products imported to the United States from China.

Trump wants to keep some, if not all, of the existing tariffs on China as part of any final deal to ensure China lives up to its commitments, a White House official said on Sunday.