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US plans to levy up to $ 50 billion for Chinese goods

Friday - 15/06/2018 20:50
CNN quoted a close source as saying that Donald Trump has just approved a $ 50 billion tax rebate on Chinese exports.
The official announcement is expected to be announced today. Mr Trump gave the green light to the plan after a meeting yesterday with senior economic officials. Among them are Secretary of the Treasury - Steven Mnuchin, Secretary of Commerce - Wilbur Ross and US Trade Representative - Robert Lighthizer.

This move will be a serious escalation of trade tensions between the two largest economies. In addition to China, Trump is also fighting with allies - Canada, Mexico and the European Union (EU) on aluminum and steel taxes.

Earlier, Beijing also said it would respond to the US plan with a similar $ 50 billion US tax policy, such as cars, planes and soya. For months, Trump has threatened to impose a tax on Beijing to punish piracy.

The first announcement was made by the US in March. After China warned of possible retaliation, Trump threatened to impose additional taxes on $ 100 billion in goods. By mid-May, both countries announced a ceasefire of trade after two rounds of negotiations.

Even so, just ten days later, the White House abruptly announced it would still impose import tariffs as planned, with new restrictions on China's investment in the United States. Today (15/6) is the US deadline to list the goods will be subject to a 25% tax. This tax will soon be effective. The original list includes many items, from dentures to flamethrowers, announced in early April.

Yesterday, Foreign Ministry spokesman Geng Shuang reiterated that the country would not hold onto its commitment to increase US purchases if the US still imposes import duties. The EU and Canada have announced that the US retaliatory tax will come into force in July. Mexico has already done so.
 Tags: Chinese Goods, Taxes, USA

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