(Jenny Leonard and Jennifer Jacobs – Bloomberg)
The Trump administration will propose raising to 25 per cent its planned 10 per cent tariffs on US$200 billion in Chinese imports, ratcheting up pressure on Beijing to return to the negotiating table, three people familiar with the internal deliberations said.
The U.S. imposed 25 per cent tariffs on US$34 billion of Chinese products in early July, and the review period on another $16 billion of imports ends Wednesday. President Donald Trump has threatened an additional US$200 billion with levies of 10 per cent, a level the administration may raise to 25 per cent in a Federal Register notice in coming days, one of the people said. The change isn’t final yet and may not go forward after a public review, the people said.
At the same time, representatives of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are having private conversations as they look for ways to reengage in negotiations, according to people who spoke about the deliberations on condition of anonymity. Click here to read more.
- U.S. and China Reportedly Seeking to Restart Talks to Avert Trade War (CNBC)
- Trade War Update: U.S. Goes For China’s Jugular (Forbes)
- China Vows Retaliation if Trump Slaps 25% Tariff on $200 billion of Chinese Imports (Reuters)
- World Shares Mixed on Fears of Higher U.S. Tariffs on China (Associated Press)