US may raise tariffs on $200 billion in Chinese goods to 25%

US may raise tariffs on $200 billion in Chinese goods to 25%

Beijing responded by imposing the same penalties on the same amount of US imports. The United States is far and away the most popular place for such investment, given the size and liquidity of markets for USA government debt and policies that are very friendly to foreign investors other financial assets and real estate. What these numbers do not show is that if USA goods are sent to China for assembly and then returned to the U.S., these so-called "intermediate goods" are considered Chinese imports, even if the parts are made in the US. But they have rejected changing technology development plans they see as a path to prosperity and global influence. The move was meant to bring China back to the negotiating table for talks over US demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

China's imports from the United States a year ago totalled $153.9 billion. However, the Chinese bourses fall under the pressure on the news that Trump is considering 25% tariffs on Chinese goods worth $200 billion against 10% that are being discussed now.

The move signals displeasure among Trump's own party over his protectionist actions, but chances of it becoming law are slim as Congress would likely need to override a presidential veto by Trump. However, lawmakers from both parties have warned that the tariffs will ultimately harm American workers and consumers.

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Administration officials told reporters in a phone briefing later that President Donald Trump had directed trade officials to consider raising proposed tariff rates on US$200 billion worth of Chinese imports from 10% to 25%, multiple news outlets reported.

This is down nearly 16 percent from the June peak, a period that coincides with the ramping up of tariffs by the United States, coupled with increasingly bellicose rhetoric. "Second, we suggest the USA return to rationality and not act impulsively, as it will eventually hurt itself".

In addition, the United States claims that China is stealing intellectual property despite the practice having been tolerated since China entered the World Trade Organization (WTO).

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Keith Weinberger, chief executive of Empire Today, a flooring company in Northlake, Ill., said he "might be able to offset" a 10% tariff on his purchases of Chinese vinyl flooring. There have been no formal talks between Washington and Beijing over Trump's demands for weeks.

A spokesman for China's foreign ministry appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks. The trade gap narrowed in April and May as farmers front-loaded soybean exports to China before Beijing's retaliatory tariffs came into effect in early July.

Economists polled by Reuters had forecast the trade deficit widening to $46.5 billion in June.

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