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Trump announces tariffs on $200 bn worth Chinese imports
18 Sep '18
2 min read
US President Donald Trump escalated the trade war with China on Monday by imposing 10 per cent tariffs on another $200 billion in imports beginning next week and threatening to target more if Beijing retaliates. China had refused to change the “unfair practices” that hurt US businesses and workers and give fair and reciprocal treatment to US firms, he said.
The 10 per cent tariffs will continue till this year end, after which the rate will jump to 25 per cent, according to global news wires.
The fresh round of tariffs effective from September 24 will bring roughly half of the products the United States buys from China under punitive duties.
The Chinese foreign ministry had already declared to strike back. The new taxes will hit voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment. The spared products include consumer electronics, child safety products and certain health-and-safety products.
However, the initial list of items announced in July was reduced by 300 product lines after thousands of comments were received from consumers and businesses.
Meanwhile, the United States Fashion Industry Association (USFIA) strongly opposed President Trump’s action.
“In addition to amounting to a tax on consumers, these tariffs will add considerable disruption to the supply chain; the fact that the tariffs will start at 10 percent now and will rise to 25 percent on January 1st creates additional chaos in the fashion industry’s supply chains, which will have a wide-ranging negative impact on consumers, companies, and jobs in the United States, the association said in a statement. (DS)
The 10 per cent tariffs will continue till this year end, after which the rate will jump to 25 per cent, according to global news wires.
The fresh round of tariffs effective from September 24 will bring roughly half of the products the United States buys from China under punitive duties.
The Chinese foreign ministry had already declared to strike back. The new taxes will hit voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment. The spared products include consumer electronics, child safety products and certain health-and-safety products.
However, the initial list of items announced in July was reduced by 300 product lines after thousands of comments were received from consumers and businesses.
Meanwhile, the United States Fashion Industry Association (USFIA) strongly opposed President Trump’s action.
“In addition to amounting to a tax on consumers, these tariffs will add considerable disruption to the supply chain; the fact that the tariffs will start at 10 percent now and will rise to 25 percent on January 1st creates additional chaos in the fashion industry’s supply chains, which will have a wide-ranging negative impact on consumers, companies, and jobs in the United States, the association said in a statement. (DS)
Fibre2Fashion News Desk – India
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