The Trump administration has announced after failing to resolve trade matters with China it will impose tariffs on approximately $200 bln worth of imports from China effective Sept. 24
The Trump administration has announced after failing to resolve trade matters with China it will impose tariffs on approximately $200 bln worth of imports from China effective Sept. 24
Reuters reports a senior administration official as confirming the additional tariffs. Presisent Trump had forewarned the announcement as coming after the stock market closed. It came 2 hours forty minutes later suggesting there was some last minute wheeling and dealing.
The tariff rate on the $200 bln list will start at 10 pct, go up to 25 pct at end of year. The official confirmed smart watches, bluetooth devices removed from tariff list. Other items excluded include bicycle helmets, baby car seats and safety gear.
Chinese chemical inputs for manufacturing and textiles and agriculture have been eliminated from the tariff list the official said.
The Trump administration say they remain open to negotiations with China, but no details on talks available as yet. The Trump administration is seeking systemic changes from china and says Beijing has not seriously engaged on that.
Trump administration does not want to constrain China’s growth, development USTR has removed about 300 product categories from tariff list and has cut some subsets of products, but total value still “approximately $200 billion” Reuters says.
USTR will keep many internet router products from 85176200 tariff code on China tariff list, will eliminate some consumer products.
Source: Reuters
From The TradersCommunity News Desk