The Trump Administration followed through on threats to increase tariffs from 10% to 25% on $200 billion in Chinese imports. The new rates took effect on Friday, May 10th as trade talks in Washington failed to produce any breakthroughs. Any U.S.-bound cargo on the tariff list that left after 12:01 am on Friday will be subject to the new rates.
Trade talks this week ended with U.S. negotiators accusing the Chinese delegates of backtracking on commitments relating to the enforcing U.S. intellectual property protection in China, which were made during previous negotiations. Future talks were not scheduled.
Both countries want a deal that can be spun as a political “win.” This adds an extra level of complication to the negotiations and has left many questioning whether or not a trade deal is even possible.
Stay tuned for updates.
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