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Monday, November 29, 2021

U.S. Poised to Publish $200 Billion China Tariff List

U.S. Poised to Publish 0 Billion China Tariff List© Reuters. U.S. Poised to Publish $200 Billion China Tariff List

(Bloomberg) — President Donald Trump is preparing to release a list of an additional $200 billion in Chinese products to be hit with tariffs, according to two people familiar with the matter.

The list could be released as soon as Tuesday, and likely this week, according to the people, who spoke on condition of anonymity because the matter isn’t public. The publication of the list starts a weeks-long process that includes a public-comment period and hearings.

Stock futures fell and yields on 10-year Treasuries declined on concern of a widening trade war.

The Trump administration on July 6 imposed 25 percent duties on $34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months. China immediately retaliated with duties on the same value of U.S. goods, including soybeans and cars.

The U.S. is currently considering levying duties on a further $16 billion in Chinese goods, after a public hearing later this month. China has vowed to retaliate dollar-for-dollar to any further U.S. tariffs.

The new list would mark the latest escalation of the trade war between the world’s two biggest economies. Financial markets have so far shrugged off the first round of tariffs, which were long-telegraphed, with U.S. stocks up since Friday.

The press offices for the U.S. Trade Representative’s office and White House didn’t immediately comment when Bloomberg News contacted them.

Broad Upswing

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.

Trump last month asked the U.S. Trade Representative’s office to identify $200 billion of Chinese goods that could be hit with 10 percent tariffs. Since then, the president has said his administration could impose duties on virtually all Chinese imports into the U.S.

Industry would be given time to comment on any new levies before they take effect.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates U.S. intellectual-property rights, such as by forcing American firms to hand over technology.

(Updates with market reaction in third paragraph.)

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Source: Investing.com

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