According to Bloomberg reports, Trump Administration is setting up to impose new tariffs over all the remaining Chinese imports. These tariffs would be applicable from early December of this year if the presidents of both the countries—Donald Trump and Xi Jinping—are not able to settle the disputes related to the ongoing trade war. This move of imposing taxes would definitely hurt the companies such as Apple that have remained unaffected by this trade war.
The remaining Chinese goods over which the U.S. tariffs could be imposed from December have a current market value of $257 Billion. Along with this, The U.S. is also planning to impose tariffs over the goods to be imported from the other countries of the Asian nation.
After the early December announcement, The U.S. stock market strongly affected with the falling in the share values of Boeing—global aircraft maker—by 6.5% at the end of the day. There was a sudden reduction in around 400 points in a stock market index based on the top U.S. based companies, neutralizing the earlier gain of 350 points.
These new tariffs, if imposed, would be the last attempt by the U.S. to pressurize the Chinese leadership for negotiation.
The United States Representative’s office responded regarding the president’s meeting that there is no progress in trade relations between both the nations.
Trump Administration charged 10% of tariffs over the Chinese imports worth $200 Billion in September and set the increase in tariffs to 25% from the month of December. Beijing reacted to this by revealing that it would charge taxes on $60 Billion of the U.S. imports.
Already, both the nations had imposed $50 Billion of tariffs on each other’s imports. Now, China is aiming over different U.S imports such as grease, coal, asphalt, Vaseline, and plastic items; and the U.S. is focusing to charge taxes over Chinese furniture and appliances.
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