VINACHEM

The US Customs and Border Protection Department (CBP) has announced a 25% increase in taxes on 5,700 Chinese imports - valued at up to $ 200 billion, which will take effect today.

A notice of instruction on the CBP website said previous import lists were subject to a 10% tax rate.

US President Donald Trump on Thursday announced the move to put pressure on Beijing, demanding substantial revisions to the trade deal being negotiated between the two countries. If successful, the agreement is expected to help both sides lift tariffs on each other’s imported goods, as well as enhance intellectual property protection for Chinese companies and the expanding market at China for American goods.

"We have come very close to an agreement, then they start renegotiating. We cannot accept that," Mr. Trump said of the US-China trade negotiations on Thursday. "They had the idea of going back to the negotiating table. Let’s wait and see."

President Trump said he was willing to keep a 25% tariff on Chinese goods if the two sides could not reach an agreement.

Source: Xa Luan