Economy & Politics

US Considering New 25% Tariffs on $200 Billion Chinese Goods

According to new reports, the US is considering 25% tariffs on $200 billion of Chinese goods, much higher than the 10% it previously indicated it might impose.

The plan could be announced as early as August 1, but a higher tariff was not finalized, sources told media.

The measure would risk further escalating tensions between the US and China which are already mired in a trade war.

Last month, the US published a list of $200 billion worth of additional products to be taxed as early as September.

The list named more than 6,000 items including food products, minerals and consumer goods such as handbags.

The US opened fire in a trade war with 25% tariffs on $34 billion of Chinese goods, and China retaliated in kind.

Image source Pixabay

President Trump Threatens $100 Billion More in China Tariffs

China Imposes New Tariffs of Up to 25% on 128 US Imports

White House to Announce Sanctions against China over Theft and Transfer of Intellectual Property

US threats have escalated since, with President Donald Trump saying he is ready to slap tariffs on all $500 billion of Chinese imports.

The US accuses China of intellectual copyright theft and wants to bring down its lofty trade deficit with the world’s second largest economy.

However, the trade dispute is also seen as part of a broader tug of war between the two powerhouses for influence on the world stage.

On July 30, Secretary of State Mike Pompeo announced a plan to spend $113 million in Asia, a move that was widely seen as an attempt to counter China’s growing influence in the region.

According to Bloomberg, which was the first to report the news of the higher tariffs, US and Chinese officials were having private conversations as they sought to resume negotiations.

The US is also expected to soon announce tariffs on the remaining $16 billion of the $50 billion of Chinese goods the US originally planned to tax.

A public hearing on the second round of tariffs took place last week and the USTR has a July 31 deadline for post-hearing comments.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

5 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago