President Trump Threatens to Raise Tariffs on China Imports if there is no “Phase One” deal

President Trump Threatens to Raise Tariffs on China Imports if there is no “Phase One” deal

On November 12, President Trump stated that the US will “substantially raise” import tariffs on Chinese goods if phase one of trade agreement negotiations are not finalized.

In mid-October a planned increase was postponed due to reports that both China and US were coming to an agreement on phase one of the deal.  It has also been reported that the U.S. agreed to roll back some of its existing tariffs as a part of the deal.  President Trump denies that any agreement to reduce tariffs has been made but did imply that a possible roll back could be on the table.

According to Whitehouse.gov, during a speech to the Economic Club of New York on November 12, 2019, President Trump made reference to a “phase one” trade agreement stating, “we will only accept a deal if it’s good for the United Sates….because we’ve been hit very hard.”  President Trump also suggested that other countries could face increased tariffs as well, stating, “They’re going to be raised substantially.  And that’s going to be true for other countries that mistreat us too.”

President Trump and Chinese President Xi Jinping had planned to sign phase one of a trade deal while attending the Asia-Pacific Economic Cooperation forum in Chile this month, but the conference has since been cancelled.