Eighty-five billion dollars of imported goods from China will be imposed on ten percent of duty during the ongoing trade war between China and the United States.India also includes agricultural commodities, crude oil and small aircraft.
- China has reacted to imposing a ten percent import tax on China’s imports from China worth three billion dollars.
- China accounts for up to ten percent of all tariffs and is charged with five thousand US imports.
China plans to re-impose 25% duty on American vehicles that were lifted a few months ago under goodwill while negotiations were under way to improve trade relations between the two countries.
- Vehicle manufacturers warn that this tax levy from China could jeopardize jobs in car factories in the United States.
- He added that they would not allow this to happen again with US workers.
- The imposition of tariffs and duties has led to a downturn in US and European stock markets.
President Donald Trump announced on August 1 that he would impose a 10 percent duty on imported goods from China and accused China of not fulfilling its promise to buy agricultural commodities from the United States.
These duties were to come into force on September 1, but later on December 15, the date was extended due to fears that it could have an impact on Christmas shopping.
China says it intends to implement these duties in two parts: the first part will be implemented from September 1 and the second will take effect from December 15.
The United States is trying to reduce the severity of the tax-evolving situation.
China’s duties are not a breaking story, Peter Navarro, the US president’s adviser on trade issues, told US broadcaster CNN.
He said that trade negotiations between the two countries are in line with the scheduled schedule and that China’s actions do not harm the US.
He said that consumers are not affected by this and their best efforts are to feel the impact of this trade war in China and not in the US.
He added that the responsibility for the economic growth rate falls on the Federal Reserve or the central bank, which President Trump has criticized for not drastically reducing interest rates.
He said the central bank should lower interest rates to accelerate growth.