President Donald Trump, fed up with a US trade deficit with China that reached a record $376 billion a year ago, has instructed aides to move forward with 25 percent tariffs on $200 billion worth of imported Chinese goods, Bloomberg News reported Friday.
USA automakers in China are feeling the most pain as some American companies are getting hurt by new tariffs from both the White House and Beijing, according to a survey released this week from the American Chamber of Commerce in Shanghai and Beijing-based American Chamber of Commerce in China. Last week Trump told reporters such a move could come "very soon".
The President of the USA Donald trump Monday, September 17, may announce the imposition of new duties on imported Chinese goods.
The administration has already levied duties on $50 billion worth of Chinese goods following a study on China's intellectual property practices released earlier this year.
Reports said the timing for activating the tariffs is unclear as it has taken some time for the administration to revise the list of products to be targeted. "We encourage China to address the long standing concerns raised by the United States". He wants China to take steps including buying more American products, opening itself up to more USA investment and ending what he says is its theft of US intellectual property.
As a result of such business pressures, roughly half of respondents in the automotive industry said they are looking to source components or assembly outside of China and the U.S.
About it reports Reuters, citing a senior official in the White house, reports the online edition of the Chronicle.info with reference to the Correspondent.
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The tariff level will probably be about 10 percent, the Wall Street Journal reported, quoting people familiar with the matter.
Apple said the $200 billion round of tariffs could hit some of its most popular goods such as the Apple Watch and AirPods headphones.
China, meanwhile, will look for permission from the World Trade Organization (WTO) to impose sanctions on the US next Friday, according to the WTO's meeting agenda.
The $200 billion tariff list included various internet technology products and other electronics, printed circuit boards, and consumer goods ranging from handbags to bicycles and furniture.
And two weeks ago he said he is preparing a third package of penalties on what he said would be $267 billion in additional items, a list that likely encompasses all remaining goods produced in China.
China retaliated by imposing 25 per cent tariffs on American goods worth United States dollars 16 billion. Disclosure on Wednesday that the USA sought to renew the talks rallied US stocks and emerging-market assets.
Corporate executives increasingly believe the trade dispute can only be resolved by direct talks between Trump and Xi.