The president said in a tweet Sunday that tariffs on $200 billion worth of China-made goods would rise to 25% from 10% by Friday, and added that a similar levy on another $325 billion could be placed on China imports "shortly."
He said the trade talks between the U.S. and China, which were renewed with much fanfare in early December, had been moving "too slowly."
Trump's tweets surprised many Chinese officials, The Wall Street Journal reported, citing a person briefed on the matter, and China is considering canceling trade talks that were to resume in Washington starting Wednesday. There has been widespread expectations in recent days that a trade deal could be reached by Friday, the Journal noted.
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
....of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!— Donald J. Trump (@realDonaldTrump) May 5, 2019
The tamp on growth in China for Nvidia is particularly troublesome as Nvidia was hopeful for a trade deal and return to normalcy in China in order to curb the company's disappointing datacenter outlook globally and lift its other sectors, reported Real Money's Kevin Curran.
Nvidia is Real Money's stock of the day. Want to know more about the impact of the trade war on the chipmakers and other tech giants? Head over to Real Money to learn more.
Warren Buffett's been hogging headlines all weekend.
While the earnings appeared an explosive surge from the same time last year -- when Berkshire reported a loss of around $1.1 billion -- the numbers were in reality an "extremely misleading" byproduct of recently imposed accounting rules, according to Buffett, who cautioned that operating income was a more accurate indicator of the conglomerate's health. That operating income rose about 5% year-over-year from around $5.3 billion last year.