Trump Announces Tariff Increase on Chinese Goods, Citing Slow Progress in Trade Talks

U.S. President Donald Trump and Chinese leader Xi Jinping shake hands during a business leaders event at the Great Hall of the People in Beijing on November 9, 2017. Nicolas Asfouri/AFP/Getty Images

In a surprise announcement on Twitter, U.S. President Donald Trump said on May 5 that tariffs on $200 billion worth of Chinese goods will increase to 25 percent, from the current 10 percent, beginning May 10.

Trade negotiations between U.S. and Chinese officials had been continuing in hopes of reaching an agreement.