Thursday, June 14, 2018

Trade war: Trump approves plan to impose stiff tariff on Chinese goods

President has approved a plan to impose punishing tariffs on tens of billions of dollars of Chinese goods as early as today, a move that could put his trade policies on a collision course with his push to rid the of nuclear weapons.
Trump has long vowed to fulfill his campaign pledge to clamp down on what he considers unfair practices. But his calls for billions in tariffs could complicate his efforts to maintain China's support in his negotiations with 

ALSO READ: China's economy is slowing as Trump renews threats to impose tariffs
Trump met several Cabinet members and trade advisers yesterday and was expected to impose tariffs of at least $35 billion to $40 billion on Chinese imports, according to an industry official and an administration official familiar with the plans. The tariffs could reach $55 billion, said the industry official. The officials spoke on condition of anonymity in order to discuss the matter ahead of a formal announcement.

If the president presses forward as expected, it could set the stage for a series of trade actions against China and lead to retaliation from Trump has already slapped tariffs on from Canada, and European allies, and his proposed risk starting a involving the world's two biggest economies.

1 comment:

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