Economy

USA may raise tariffs on $200 billion in Chinese goods to 25%

USA may raise tariffs on $200 billion in Chinese goods to 25%

In early July, the U.S. imposed 25 per cent tariffs on an initial $34 billion of Chinese goods.

"In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions", the Chinese State Council Tariff Commission said in its statement on Friday.

The dynamic has proved hard to change, given US consumers' reliance on Chinese goods.

"We don't have anything to announce today about a specific event, or a specific round of discussions, but communication remains open and we are trying to figure out whether the conditions present themselves for a specific engagement between the two sides", one off the officials said. Moving forward with tariffs on $200 billion of Chinese imports would mean higher prices for a long list of consumer goods, acting as a drag on household income.

Trump recently threatened to slap punitive tariffs on all Chinese exports to the U.S., which amounted to more than $500 billion past year.

China has urged the United States to return to rationality after President Donald Trump's administration ratcheted up pressure on Beijing over trade.

A spokeswoman for the US Trade Representative's Office declined to comment on the proposed tariff rate increase or on whether changing them would alter the deadlines laid out for comment period before implementation. Beijing retaliated by imposing similar charges on the same amount of US products.

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But Fred Bergsten, founding director of the Peterson Institute for International Economics, told CNBC that China would be able to absorb blows more easily than Washington.

Rapid US GDP growth in the second quarter was mostly the result of tax cuts, which stimulated consumer spending, as well as a race to export soybeans and beat the tariffs. It wants China to stop stealing USA corporate secrets, abandon plans to boost its high-tech industries at America's expense and stop subsidizing Chinese companies with cheap loans that enable them to compete unfairly.

During a hearing last week on the $16 billion tranche of tariffs, representatives from United States industries decried the indiscriminate selection process for identifying which products would be subjected to the trade sanctions, with some warning of dire consequences should tariffs be imposed on an additional $200 billion worth.

President Donald Trump's administration said on July 10 it would seek to impose the 10-per cent tariffs on thousands of Chinese imports.

Chinese Foreign Ministry Spokesperson Geng Shuang said on Thursday that China will advise the United States to change its attitude, stop making false accusations, and return to the land of reason.

Economic expansions tend to be cyclical, and even within each expansion there are spurts of rapid growth followed by more sluggish intervals, so the administration can not count on the recent spurt to be sustained.Businesses are already starting to report widespread increases in input costs, in part as a result of steel and aluminium tariffs.

Washington- The Trump administration plans to raise pending tariffs on $200 billion in Chinese goods to 25 per cent, much higher than the 10 per cent it previously indicated it might impose, the media reported. He also has threatened a further round of tariffs on $300 billion of Chinese goods.


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