WASHINGTON: President Donald Trump said Friday there is "no need to rush" trade talks with China, just hours after the US hiked tariffs on Chinese products and Beijing vowed to hit back.
Talks with China continue in a very congenial manner - there is absolutely no need to rush - as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S....— Donald J. Trump (@realDonaldTrump) May 10, 2019
The US president also said that tariffs were in some ways preferable to reaching a trade deal at all.
"Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind. Also, much easier & quicker to do," Trump wrote.
The US on Friday increased punitive duties on $200 billion in imports from 10 to 25 per cent, prompting China's commerce ministry to repeat its pledge to take "necessary measures."
Locked in a trade dispute for more than a year, officials from the world's two biggest economies returned to the bargaining table late Thursday, led by Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.
Since last year, the two sides have exchanged tariffs on more than $360 billion in two-way trade, gutting US agricultural exports to China and weighing on both countries' manufacturing sectors.