US and Chinese officials have held several rounds of talks in an attempt to strike a deal
WASHINGTON, May 11 (NNN-AGENCIES) — President Donald Trump says US-China relations remain “very strong” despite the two countries being embroiled in a trade war.
Trump said talks between Washington and Beijing will continue even after a deadline passed on Friday for them to reach an agreement.
As a result the US raised tariffs to 25% from 10% on goods from China.
China says it “deeply regrets” the US action and would have to take “necessary counter-measures”.
However Beijing also confirmed on Friday that further negotiations would take place following two days of what were described as “honest” and “constructive” talks.
The latest US move raises tariffs on $200bn worth of Chinese imports.
On top of the tariffs implemented on Friday, Trump said a process had begun to place the full 25% tariff on a further $325bn of Chinese goods.
The tariffs taken in would be used to buy US agricultural goods, which would then be used for “humanitarian assistance”, Trump said.
The president tweeted that, depending on the outcome of future negotiations, the tariffs “may or may not” be removed.
Trump said he was in “no rush” to reach a trade agreement following two days of bilateral talks.
China’s Commerce Ministry confirmed the latest US tariff increase on its website.
“It is hoped that the US and the Chinese sides will work together… to resolve existing problems through co-operation and consultation,” it said in a statement.
In PARIS, French Finance Minister Bruno Le Maire warned that the trade dispute escalation threatened jobs across Europe.
“There is no greater threat to world growth,” Le Maire told CNews.
China has been a frequent target of Trump’s anger, with the US president criticising trade imbalances between the two countries and Chinese intellectual property rules, which he says hobble US companies.
Both sides have already imposed tariffs on billions of dollars worth of one another’s goods. — NNN-AGENCIES
