Tariffs to bring more wealth to US than traditional deal with China: Trump
US President Donald Trump has said that tariffs on imports from China would bring “far more wealth” to the United States than a traditional deal with Beijing could.
Trump made the remarks in a series of tweets on Friday after he had increased tariffs on $200 billion worth of Chinese from 10 percent to 25 percent.
Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Also, much easier & quicker to do. Our Farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
US Customs and Border Protection imposed the new 25 percent duty on affected US-bound cargoes leaving China on Friday, involving more than 5,700 product categories.
On Sunday, Trump warned he would raise tariffs after US Trade Representative Robert Lighthizer had told him China was pulling back from some commitments.
Meanwhile, two days of trade negotiations between the US and China ended without a deal on Friday.
The Chinese delegation headed by Vice Premier Liu He left the venue of the talks in Washington. He told reporters that the talks had gone "fairly well," according to Bloomberg.
The US trade representative said Trump had ordered him to start the process of raising tariffs on all remaining imports from China.
On Twitter, Trump also said Washington would continue negotiations with Beijing, but added the United States is in no hurry to reach a deal with China.
Talks with China continue in a very congenial manner - there is absolutely no need to rush - as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S....
— Donald J. Trump (@realDonaldTrump) May 10, 2019
The US and China have been engaged in intense negotiations to end a months-long trade war that has rattled global markets.
Trump, who has set the bar for a trade deal extremely high, has repeatedly accused China of unfair trade practices that have hollowed out American manufacturing.
The Trump administration is demanding China make deep structural changes, including changes to how Beijing treats US companies and its own state-owned enterprises.
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