The Trump administration plans to propose a 25% tariff on $200.000 billion worth of Chinese goods after initially setting them at 10%, a source said Tuesday.
The Trump administration said on July 10 that it would seek to impose a 10% tax on thousands of Chinese imports, ranging from food products and furniture to chemicals, steel and aluminum.
While the tariffs would not be imposed until after a public comment period, raising the proposed level to 25% could escalate the trade dispute between the world's two largest economies.
The source said the administration could announce the proposal as early as Wednesday (1.8.2018).
How did China react?
There was no immediate reaction from the Chinese government. In July, Beijing accused Washington of bullying and He warned that he would respond.
Investors fear an escalation in the trade war between the two countries could hit global economic growth, and major U.S. business groups have criticized Trump's aggressive tariff measures.
Background?
In early July, the United States Government imposed tariffs of 25% on $34.000 billion worth of Chinese goods imports. Beijing retaliated with tariffs of the same amount on U.S. exports to China.
Washington could also impose Tariffs on $16.000 billion worth of Chinese goods in the coming weeks, and the US president has threatened to impose tariffs on goods imported from the Asian giant valued at more than US$500.000 billion, which would represent almost the total of his country's purchases from Beijing last year.
Source: Reuters
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