US Considers Higher Tariffs on $200 Billion of Chinese Imports

Forex News

Trade tension between the US and China is escalating. It is reported, that the Trump administration plans to offer a 25% tariff on imported Chinese goods worth $200 billion after the initial installation at the level of 10%.

They include food products, chemicals, steel and aluminum and consumer goods ranging from dog food, furniture and carpets to car tires, bicycles, baseball gloves and beauty products. Still, the tariffs would not be imposed until after a period of public comment.

In July, the US published a list of $200bn worth of additional products to be taxed as early as September. Trump had said he would implement the $200 billion round as punishment for China's retaliation against the initial tariffs aimed at forcing change in China's joint venture, technology transfer and other trade-related policies. He also has threatened a further round of tariffs on $300 billion of Chinese goods. The combined total of over $500 billion of goods would cover virtually all Chinese imports into the United States.