By Nick Baum
TUESDAY – 5/7/19
President Donald Trump has made the decision to escalate tariffs on $200 billion worth of Chinese imports starting this week. The decision has come after a rather promising statement that US and Chinese trade representatives would be meeting each other to work out a trade deal as early as this Friday.
Despite the initial hopes to reach a deal, US trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin announced that the Trump Administration will be moving forward with their plan to escalate tariffs on Chinese goods, and raise taxes on them to 25%, as opposed to the current 10%.
Trump originally implemented three rounds of tariffs last year, but many experts predicted that the two nations would reach a deal soon. The decision to escalate tariffs once again has angered many American businesses that rely on Chinese manufacturing, according to CNN. As of now, we don’t know the future of the two countries’ trade talks.
Sources and Pictures: Mother Nature Network, CNN, Wikipedia
