US Weighs 7.5% Tariff Increase on Chinese Goods Ahead of September Summit
JH Kim
Summary
- The US administration is considering imposing an additional 7.5% tariff on Chinese goods, according to the report.
- If the tariff is implemented, the total tariff rate on Chinese goods would rise to about 20%, the report said.
- The US and China are negotiating whether to extend the trade truce before its November 10 expiration, the report said.
Forecast Trend Report by Period
The US is considering raising tariffs on Chinese goods by 7.5%, with China’s overcapacity cited as a key reason for the move.
Walter Bloomberg reported on August 24 that the Trump administration is discussing the additional tariff ahead of a September summit between President Donald Trump and Chinese President Xi Jinping.
If enacted, the move would lift the total tariff rate imposed on Chinese goods during Trump’s second term to about 20%. The exact rate remains under discussion and could change.
The US and China are also negotiating whether to extend their trade truce, which is set to expire on November 10.
JH Kim
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