As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by APNEWS.COM:
WASHINGTON (AP) — President Donald Trump is going ahead with plans to impose new tariffs on about $200 billion of Chinese imports, The Wall Street Journal reported Saturday.
Both sides were preparing to hold new talks on their tariff dispute. Last week Trump told reporters such a move could come “very soon.”
The article goes on to state the following:
The Journal cited unnamed people familiar with the matter who said the tariff level will likely be set at about 10 percent, below the 25 percent announced earlier this year.
The two governments have already imposed 25 percent tariffs on $50 billion of each other’s goods. Beijing has issued a list of another $60 billion of American products for retaliation if Trump’s next tariff hike goes ahead.
White House spokeswoman Lindsay Walters declined comment on the timing of a possible announcement, but said: “The President has been clear that he and his administration will continue to take action to address China’s unfair trade practices. We encourage China to address the long standing concerns raised by the United States.”
The Wall Street Journal reported:
The administration plans to start with tariffs of around 10% on as much as $200 billion of goods, below the 25% level announced in early August. The level was lowered following extensive public hearings and the submission of written comments where importers and others complained of the possible impact of the duties—and to try to reduce the bite on American consumers ahead of the year-end holiday shopping season, these people said.
The tariffs would take effect weeks before November elections, where Mr. Trump’s Republican party is struggling to retain control of Congress. Business groups opposed to the tariffs are spending heavily to make the tariffs an issue in the campaign. The new tariffs are all but certain to be met immediately by Chinese retaliation against U.S. exporters, especially against farmers, further raising the political heat on the GOP ahead of the vote.
But the people familiar said that the tariff level could be raised back to 25% if Mr. Trump concludes that Beijing doesn’t soon show signs that it is acceding to U.S. demands to change its economic policies.
To weigh in on this information provided by APNEWS.COM, engage in our LIVE CHAT below. Scroll down.