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US prepares to hike Chinese tariffs, as Trump claims Beijing wants a deal - business live

Guardian Business 08 May 2019 03:09
LIVE Updated
Traders on the floor of the New York Stock Exchange last night Photograph: Spencer Platt/Getty Images

16:09

Shares are pushing higher in New York, as traders welcome Donald Trump’s claim that China wants a trade deal.

The Dow is now 82 points higher at 26,047 points, rising from Tuesday’s one-month low.

14:49

Wall Street is calm in early trading.

After plunging by 473 points yesterday, the Dow is up just 9 points at 25,974.

14:36

US files notice to hike Chinese tariffs

Important news: The US Trade Representative’s office have filed the paperwork to hike the tariffs on $200bn of Chinese imports, a move that would deepen the trade war.

The document, signed by Joseph Barloon, general counsel to the Trade Representative, states that the tariff will rise from 10% to 25%, just after midnight on Friday morning.

This is exactly what Donald Trump tweeted would happen last Sunday, after the president concluded that China was moving too slowly and trying to reverse the progress made in recent negotiations.

Thousands of China-made consumer and industrial products, and chemicals, are affected by this move. The list runs from frozen yams and fresh figs to tobacco, gypsum, metal oxides, printing ink, metal tubes, tires, baskets, wool, hats, metal wire, furniture and buttons. They will soon be more expensive for US companies to import.

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ChinaUSDonald J TrumpUnited StatesAmerica
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