Abrar Hussain: United States President Donald Trump is expected to announce new tariffs on about $200 billion on Chinese imports today, according to a report by Reuters.
The tariff level will probably be about 10%, the Wall Street Journal reported. This is below the 25% that the administration previously stated it was considering.
The upcoming tariffs will be on a list of items that included $200 billion worth of internet technology products and other electronics, printed circuit boards and consumer goods including Chinese seafood, furniture and lighting products, tires, chemicals, plastics, bicycles and car seats for babies.
On Friday, White House spokeswoman Lindsay Walters said Trump “has been clear that he and his administration will continue to take action to address China’s unfair trade practices. We encourage China to address the long-standing concerns raised by the Unites States.”
Trump had already directed aides to proceed with tariffs, despite Treasury Secretary Steven Mnuchin’s attempts to restart trade talks with China.
Trump has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring US technologies and intellectual property and roll back high-tech industrial subsidies.
-Source: Reuters