According to a news report in The Wall Street Journal, despite the United States to China call for a start of another round of trade negotiations, the country’s president Donald Trump is getting ready to impose the third round of import tariffs on Chinese goods worth $200 billion.
The report in the Journal also seemed to conform an earlier news on Bloomberg on Friday which had claimed that Trump had issues instruction to his associated and aides to go ahead with the implementation of the proposed plan of the third round of tariffs on Chinese goods even though his administration had given a call earlier in the week to Beijing to hold another round of talks on trade. According to sources in the Trump administration as reported by The Journal, the proposed tariffs that would be implemented for Chinese goods worth about $200 billion in imports would be 10 per cent and not the initial figure 25 per cent that was being reported and making rounds of the market.
According to the report, this lowered tariff rate is aimed to serve a dual purpose. The low rates would help the Trump administration not to create a huge impact for the US consumers in terms of price just before the shopping season in the forthcoming holiday season but would also serve as a political tool for Republicans who are set to fight the midterm polls for which campaigning is now at a feverish pitch where the contestants would be able to exhibit that the President has the public restive in mind.
The report further noted that it is likely that further threats of new tariffs would also be issued by Trump just before the talks to put pressure on Beijing during the negotiations.
Trump in the last few weeks, has been tweeting repeatedly that there was every possibility that he could impose the proposed tariffs on Chinese goods worth $200 billion that would include a wide range of consumer products. The timing of the tweets gave also been very calculated according to the report.
The report also said that Trump had held a meeting this week with his advisors on trade that included Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer. The effort to restart the trade negotiations with China has been led so far by Mnuchin.
But there has been no indication of backing down from the tariffs as dar as Trump is concerned. He gad tweeted last Tuesday: "we are under no pressure to make a deal with China, they are under pressure to make a deal with us."
A statement from the White House to the press on Friday said, "The President has been clear that he and his administration will continue to take action to address China's unfair trade practices. We encourage China to address the long standing concerns raised by the United States."
(Source:www.cnbc.com)
The report in the Journal also seemed to conform an earlier news on Bloomberg on Friday which had claimed that Trump had issues instruction to his associated and aides to go ahead with the implementation of the proposed plan of the third round of tariffs on Chinese goods even though his administration had given a call earlier in the week to Beijing to hold another round of talks on trade. According to sources in the Trump administration as reported by The Journal, the proposed tariffs that would be implemented for Chinese goods worth about $200 billion in imports would be 10 per cent and not the initial figure 25 per cent that was being reported and making rounds of the market.
According to the report, this lowered tariff rate is aimed to serve a dual purpose. The low rates would help the Trump administration not to create a huge impact for the US consumers in terms of price just before the shopping season in the forthcoming holiday season but would also serve as a political tool for Republicans who are set to fight the midterm polls for which campaigning is now at a feverish pitch where the contestants would be able to exhibit that the President has the public restive in mind.
The report further noted that it is likely that further threats of new tariffs would also be issued by Trump just before the talks to put pressure on Beijing during the negotiations.
Trump in the last few weeks, has been tweeting repeatedly that there was every possibility that he could impose the proposed tariffs on Chinese goods worth $200 billion that would include a wide range of consumer products. The timing of the tweets gave also been very calculated according to the report.
The report also said that Trump had held a meeting this week with his advisors on trade that included Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer. The effort to restart the trade negotiations with China has been led so far by Mnuchin.
But there has been no indication of backing down from the tariffs as dar as Trump is concerned. He gad tweeted last Tuesday: "we are under no pressure to make a deal with China, they are under pressure to make a deal with us."
A statement from the White House to the press on Friday said, "The President has been clear that he and his administration will continue to take action to address China's unfair trade practices. We encourage China to address the long standing concerns raised by the United States."
(Source:www.cnbc.com)