Fresh tariffs on Chinese imports!
According to CER, US President Donald Trump has threatened to impose a further $200 billion of fresh tariffs on Chinese imports, after Beijing retaliated in equal measure to the White House’s $50 billion in tariffs signed last week.
In a statement, Trump said that he had instructed US Trade Representative Robert Lighthizer to draw up a list of $200 billion worth of Chinese goods to be subject to 10% tariffs on top of the 25% rate imposed. “China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology,” Trump said.
“If China increases yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods,” he added. On the other hand The National Retail Federation, (NRF) cites retailers call latest tariff threat ‘reckless escalation’ and ask congress to intervene!
A study conducted earlier this year for NRF and the Consumer Technology Association found that tariffs on $50 billion of Chinese imports, as announced last week, would reduce U.S. gross domestic product by nearly $3 billion and lead to the loss of 134,000 American jobs, with four jobs lost for every job gained.
Imposing tariffs on an additional $100 billion of Chinese imports would bring the total impact to a $49 billion reduction in GDP and the loss of 455,000 jobs.
