Trump claims China tariffs help U.S., trade talks 'congenial'

May 10, 2019

U.S. President Donald Trump says trade talks between China and the United States are continuing in a "very congenial manner" despite new tariffs the U.S. imposed Friday on $200 billion US in Chinese imports.

Trump tweeted Friday that the increased tariffs will bring "FAR MORE wealth" to the U.S., although a study by the Federal Reserve Bank of New York, and Columbia and Princeton universities says the burden of tariffs falls on U.S. consumers and businesses that buy imports.

Some lawmakers have recently expressed concern about the effect of the tariffs on farmers.Trump suggested on Twitter Friday that money from the additional tariffs would allow the U.S. to buy more agricultural goods from U.S. farmers and ship it to "poor & starving" countries.

The Trump administration raised duties from 10 per cent to 25 per cent, while China's Commerce Ministry said it would take "necessary countermeasures" but gave no details...

This was excerpted from the 10 May 2019 edition of CBC News.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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