According to the reports, the US President Donald Trump has asked the administrators to proceed with the next series of tariffs to be imposed on the Chinese goods. As a result, the US shares have dropped drastically.
This time, the tariffs will be imposed on items worth $200 billion which also includes consumer goods like handbags and electronic parts. The final list of the goods is being prepared by the US officials. However, date of implementation of the 25% hiked import tax is yet to be announced.
The further implementation of the tariffs has elevated the ongoing trade war between the US and China, which was initiated by President Donald Trump to curb the unfair practices of trade on behalf of China. This also included state subsidies.
The US had already introduced tariffs on Chinese products worth $50 billion. Chinese also retaliated with the similar amount.
Previously, Trump had threatened to impose the upcoming tariffs. He was warned by the economists as well as the business community of the negative outcomes from his decision. On the contrary, Trump was firm about his decision, which was confirmed on Friday.
On 7th September, Donald Trump had confirmed that his plan to introduce a new set of tariffs worth $200 billion will soon come into effect. He further added that if he wants, he will also impose tariffs on the goods worth $267 billion in a short notice.
In response to his announcement, the US Trade Representative and White House didn’t comment. However, the public order is delayed as the administrators are preparing the list of products to be charged under the new tariffs.
A few officials from the administration are looking forward to restarting a discussion meant to defuse the ongoing trade war. However, Trump stated that the US is not under any pressure to dissolve the tariffs.