WASHINGTON (AP) – Trump’s tariff increase on $200 billion in Chinese imports takes effect, heightening US tensions with Beijing.
President Donald Trump says trade talks between China and the U.S. are continuing in a “very congenial manner” despite new tariffs the U.S. imposed Friday on $200 billion in Chinese imports.
Trump tweeted Friday that the increased tariffs will bring “FAR MORE wealth” to the United States, 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.
Talks between the U.S. and China continue Friday, May 10th.