Trump could raise tariffs further on Chinese goods

WASHINGTON: US President Donald Trump is now considering a 25 per cent tariff on USD 200 billion in Chinese imports, more than the 10 per cent previously touted, reports said. The US imposed 25 per cent tariffs on USD 34 billion of Chinese products earlier this month, with plans to add another USD 16 billion of imports, the reports have said.
Trump initially threatened to levy 10 per cent on an additional USD 200 billion but that figure may now rise to 25 per cent, sources told the Washington Post and Bloomberg. It would represent a ramping up of pressure over Washington’s trade standoff with Beijing.
Markets were however steady, given a boost by hopes for new negotiations. In 2017, the United States had a USD 376 billion trade deficit with China, which it is keen to cut. Trump recently threatened to slap punitive tariffs on all Chinese imports, which accounted for more than USD 500 billion last year. PTI