Trump on Tariffs: US loses $500bn trading with China, not going to do it anymore

WASHINGTON (Sputnik): The US president earlier stated that he would increase tariffs on Chinese goods from 10 percent to 25 percent starting on Friday, while other goods from China may also come under the tariffs soon.

“The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China we lose 500 Billion Dollars”, Donald Trump wrote on his Twitter on Monday adding that the US “not going to be doing that anymore”.

The statement comes after Washington promised to increase tariffs on Chinese goods stressing it will also soon impose 25 percent tariffs on other Chinese goods worth $325 billion.

Media outlets later reported that China was mulling over the possibility of scrapping the next round of trade talks, which have been underway for several months.

The latest round of trade negotiations between the two countries was held in Beijing on 30 April, and the next round was scheduled for 8 May. During these bilateral negotiations, China and the United States are trying to work out a mutually acceptable trade agreement that would put an end to an almost year-long tariff war between the world’s largest economies.