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Trump to China: Act now on trade or face far worse deal after 2020

President Trump (R) speaks during a trade meeting with China's Vice Premier Liu He (L) in the Oval Office at the White House in Washington, DC, on April 4.
China's Vice Premier Liu He and President Trump. Photo: Jim Watson/AFP/Getty Images

President Trump urged China Saturday to "act now" on trade or face a "far worse" deal if he were elected for a second term.

Why it matters: The Trump administration increased tariffs on $200 billion of Chinese goods from 10% to 25% overnight on Friday. U.S. trade representative Robert Lighthizer said in a statement Trump "also ordered us to begin the process of raising tariffs on essentially all remaining imports from China," valued to be about $300 billion. China's Commerce Ministry said Wednesday it would retaliate with "necessary countermeasures" if the U.S. increased tariffs.

The big picture: The administration has accused China of "reneging" on its trade commitments, per Axios' Jonathan Swan. China's Vice Premier Liu He denied Beijing had "backtracked" on agreements, saying the 2 countries just had "disagreements over how to write some of the text," the Financial Times reported Saturday, citing Chinese media.

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