TAIPEI (Taiwan News) — Despite recent reports that suggested the United States and China had reached a critical juncture in negotiations to end the ongoing trade war, U.S. President Donald Trump has confirmed Washington is to now raise tariffs on US$200 billion of Chinese goods.
The U.S. and China have been embroiled in a protracted trade conflict since 2018 after Trump ordered a probe into alleged Chinese intellectual property theft. Washington raised tariffs on steel and aluminum, among other goods imported from all countries, and China retaliated with tariffs on 128 imported U.S. products.
After China and the U.S. raised tariffs on more goods throughout the year, both sides agreed to initiate negotiations to resolve the issue.
Reports from U.S. authorities previously suggested Beijing and Washington were on the cusp of a deal that would be a significant step towards closure, however the U.S. is to see through its threat to raise further tariffs on US$200 billion of Chinese goods on Friday morning EDT, according to the BBC.
While Trump’s motives remain unclear, Reuters was informed last week that Beijing had returned a draft agreement to the U.S. with revisions that would undercut key demands. China denied reneging on the deal, but has promised to retaliate if the U.S. tariffs are imposed.
The International Monetary Fund said the ongoing conflict poses a “threat to the global economy,” the BBC report states.