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US Could Impose Tariffs On All Chinese Imports If Trump-Xi Meeting Fails


10/31/2018


US Could Impose Tariffs On All Chinese Imports If Trump-Xi Meeting Fails
If the talks between the United States president Donald Trump and Chinese President Xi Jinping, scheduled to be held next month does not yield any positive results on the trade concerns of the US with China,  the Trump administration would impose tariffs on all remaining Chinese imports by December, for which it is preparing itself already, according to media reports citing information from people familiar with the matter.
 
If the US announces fresh tariffs on the remaining of the Chinese products in early December, it would effectively mean that they would be imposed during the China’s Lunar New Year holiday in early February, after the announced tariffs passed through a 60 day mandatory period of public hearing.
 
According to reports, almost all of the remaining Chinese goods imported into the US and those that are not yet included in the tariffs already announced and imposed on Chinese products earlier, would be included in the list and would carry an estimated value of about $257 billion based on last year’s import figures.
 
Preparations for such a n eventuality are being made by US officials if there is no outcome on the trade war after the meeting between Trump and Xi scheduled to held on the sidelines of a Group of 20 summit to held in Buenos Aires in November, said sources. The reports did not name the sources because they were not mandated to discuss internal deliberations. The sources however said that no final decision has yet been made.
 
The reports about the possible moves by the Trump administration clearly indicates it is still not averse to further escalate the trade war with China despite a large number of companies issuing complaints about the rise in costs because of tariffs while the financial markets have remained quite nervous about the global economic fallout of a full blown trade war between the two largest economies of the world. .
 
So far this year, the Trump administration has already imposed tariffs on import of Chinese goods into the US worth a total $250 billion. The imposed tariffs are also set to become more severe because the 10 per cent tariffs imposed on $200 billion of imports of Chinese goods which came into effect in September will be increased to 25 per cent starting January 1. Last year, the total imports from China in to the US was worth $505 billion and Trump has threatened that he would not be averse to imposing import tariffs on the entire range of products imported from China.
 
“We are in the middle of a pretty nasty dispute. We’re in a trade dispute—I want to use that word because it’s a nice, soft word—but we’re going to win,” Trump said at an event in Indiana Saturday. “You know why? ’Cause we always win.”
 
Media reports also quoted sources saying that the Trump administration is also considering removal of any talks on trade from the meeting agenda but would not likely cancel the meeting between the two leaders.
 
“I think that we will make a great deal with China and it has to be great, because they’ve drained our country,” Trump told FOX News Channel’s “The Ingraham Angle” on Monday.
 
(Source:www.livemint.com)


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