In the wake of the US’ tough stance in the dispute with China following months if negotiations, the US President said it will not lose the amount to China anymore.
"The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China, we lose 500 Billion Dollars. Sorry, we're not going to be doing that anymore!" Trump tweeted.
Trump who is apparently dissatisfied with the pace of negotiations, said that he would increase tariffs on USD 200 billion of Chinese goods to 25 percent from current 10 percent. He said US will tax nearly all of the Chinese exports to it.
Trump had earlier been reluctant in increasing tariffs citing good developments in negotiations.
On Sunday Trump tweeted: “For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday."
"325 Billion dollars of additional goods sent to us by China remain untaxed but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" he added.
Both Washington and Beijing had agreed to hold negotiations to resolve the trade war on the sidelines of the G20 summit in Argentina last year. Honouring this, the two countries have since held multiple rounds of talks, with Trump, until recently, commending the progress made by the two countries in working on a deal.
However recently, the US I attempting to increase pressure on Beijing as there are major sticking points which are yet to be dealt with by the two sides when they meet for negotiations again this week.
(additional inputs from agencies)