BOULDER, Colo. (BRAIN) — President Donald Trump on Sunday said he would increase the punitive tariffs on some Chinese goods, including bikes and bike products, from 10% to 25% on Friday.
Trump repeated the threat Monday morning, even as the threat rattled international stock markets.
Just days ago, the U.S. and China appeared to be close to a trade deal, and China's Vice Premier Liu He is scheduled to visit Washington this week.
Trump's initial threat from Sunday appears to refer to the 10% tariff on $200 billion in Chinese goods that was imposed in the fall. Those tariffs were initially scheduled to increase to 25% on Jan. 1, 2019, but the increase had been delayed indefinitely.
The imports affected by this tariff includes about $1 billion in bicycle products, including most categories of complete bikes. Most China-made parts and accessories also were included, but bike helmets and lights were exempted. The 10% tariffs, which took effect in September, are in addition to pre-existing tariffs on bikes, which are often 5-11%.
This tariff is distinct from a 25% tariff on Chinese e-bikes that took effect in August. Trump also has threatened tariffs on European goods including some bike products.
For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars ...
— Donald J. Trump (@realDonaldTrump) May 5, 2019
