US-China talks interrupted as Trump threatens to ramp up tariffs
In a series of tweets shared on Twitter on May 5, Trump said that the 10% levy on $200 billion worth of Chinese imports is scheduled to increase to 25% as of May 10. The President also stated that he would impose 25% tariffs on $325 billion of untaxed goods shortly after.
The presidents of both nations struck a truce in December 2018, and their teams began a series of high-level negotiations to end the trade war. President Trump also announced in February this year that he would delay the deadline to increase tariffs on $200 billion in Chinese imports, citing the progress made during the trade talks between the US and Chinese officials.
Asia Pacific stocks plummeted in Monday afternoon trade following a re-escalation in trade tensions. Right before that, China’s central bank revealed its decision to cut reserve requirement ratios (RRRs) to release about 280 billion yuan ($41 billion) for banks to cope with an economic slowdown.
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