Trade dispute: Trump should have decided on customs duties on Chinese goods

According to a report, the US president still today wants to occupy large volumes of goods from China with customs duties. China's government has announced countermeasures in this case.

Trade dispute: Trump should have decided on customs duties on Chinese goods

US president Donald Trump has apparently taken a decision on tariffs for products from China. As Wall Street Journal reports, WillTrump this Friday were 50 billion US dollars with import duties. The decision was made on Thursday after consultations with its closest trading advisors. However, it is unclear when measures actually take effect. A confirmation of White House is still pending.

Still on Thursday, China had warned White House of customs duties. The tariffs were also subject to a meeting of US Secretary of State Mike Pompeo with his Chinese colleague Wang Yi in Beijing. Pompeo said that US trade deficit with China was still too high, but called talks constructive. Wang Yi expressed hope that Washington would "not create furr obstacles."

Import duties of 25 percent

Although both governments had initially had promising negotiations, White House had surprisingly announced at end of May to present a list of Chinese goods in amount of 50 billion (43 billion euros) on June 15. Import duties of 25 per cent should be levied on m. "Shortly reafter", additional duties should be imposed in amount of 25 billion, it was said n. The Beijing government n made it clear that it was not afraid of a trade war and would react with measures to same extent.

Until now, it had remained open wher Trump would actually announce duties on Friday or postpone a decision in next week. The US trade deficit with China has long been a thorn in face of Trump. He had already announced in election campaign that he wanted to reduce it significantly. The People's Republic alone 2017 exported to United States for equivalent of 303.3 billion euros, when it imported from re. Trump also wants to push Beijing's state support for its own technology companies and accuses country of stealing intellectual property.

It is also questionable to what extent Trump's decision will influence its negotiations with North Korea on eventual nuclear disarmament of isolated country. Beijing is closest ally of North Korea. The International Monetary Fund also warned against negative effects of Trump's approach to trade policy. The German economy fears to be hit by US tariffs on Chinese products sensitively.

Date Of Update: 15 June 2018, 12:01

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