US President Donald Trump announced Sunday that the United States would raise tariffs on USD 200 billion of Chinese goods to 25 per cent this week, because trade talks are moving "too slowly".Trump's action came as a major Chinese delegation is expected to arrive Wednesday in Washington for the latest round of talks to end the trade war between the world's two biggest economies -- a round billed as the last one and possibly leading to a deal to end the conflict. "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," Trump tweeted. "The 10% will go up to 25% on Friday," he said.The two sides have imposed tariffs on USD 360 billion in two-way trade since last year. But Trump and Chinese leader Xi Jinping agreed to a truce in December to refrain from further escalation.As recently as last week, the US had depicted the trade talks as going well. "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate.

Source: Economic Times May 05, 2019 17:14 UTC