A familiar source on Tuesday said that a tariff of 10% that was indicated before has been escalated to 25% by Donald Trump on $200 billion of Chinese imports. The U.S. is forcing China’s officials through threats of even higher tariffs.
In respond to the reports China claims that “blackmailing and pressurizing will never work.”
On July 10 the U.S. administration announced to impose 10 percent tariff on abundant products of Chinese imports. These include chemical, steel, food products, beauty products, etc.
Though the China tariff will not be in action until after the period of public comment, the escalated level of 25% could elevate a trade clash between the world’s two principal economies.
The proposed escalation of tariffs hints the investors for the trade war between Washington and Beijing that could hit the global growth. However, the countries had a private conversation to seek a negotiation talks to resolve the ingrowing U.S. China trade war; as according to the reports.
In the early July, 25% of tariffs were imposed on $34 billion of Chinese imports by the U.S. government. Moreover, Washington is preparing to impose some more tariffs on the other billions of goods in the upcoming weeks.
This warns China as Trump hints to put them on billion dollars of goods that will make it to the total amount of U.S. imports from China last year. However, China’s ministry of foreign affairs said that they will plunge back if the U.S. administration further increases its Tariff.
The deadline for the final public comments on the basis of 10% tariff is to be filed by August 30 with a scheduled hearing deadline within August 20-23. It is to take other several weeks after the close of public comments in order for the tariffs to be activated.