According to reports, U.S. President Donald Trump said on May 5 that he will increase tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent on Friday and levy a new 25 percent fee on all remaining Chinese imports “shortly”.
The move marked a major escalation in tensions between the world’s largest economies and a shift in tone from Trump, who had cited progress in trade talks recently.
In a pair of tweets, Trump accused China of trying to “renegotiate” the terms of an agreement that representatives have been trying to finish for five months.
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