US President Donald Trump pitched the largest punch to China impacting tariffs on the additional $200 billion worth of Chinese imported products and emphasizing that US clients are interested to pay more for the desired products to squeeze the concessions on trade in Beijing.
After the declaration of Monday, around half of the $505 billion products those US purchase annually from the Chinese company will be confronted under latest import charges.
In the previous tariff wave hit by Trump in July, the $50 billion in Chinese products was mainly applied on industrial goods, but after the Monday’s announcement the financial activity will be applied on the consumer goods including air conditioners, furniture, lamps and spark plugs.
China has undertaken a new financial plan as a counterattack of the current US tariffs with new import taxes on $60 billion in US products. About the happenings, the Chinese President stated that he would urgently start the process of validating tariffs on an additional $267 billion Chinese imported products essentially impacting the tax on everything which the US purchase from China.
The former Head of the International Monetary Monetary Fund of China division, Eswar Prasad said, “ The Trump administration is yet again sending a perplexing mixed message by inviting Chinese officials for negotiations and then imposing additional tariffs in the run-up to the talks. It is difficult to see what the administration’s vision of an endgame might be other than total capitulation by China to all US demands.”
Larry Kudlow, the director of White House National Economic Council said in New York, “ We stand ready to negotiate with China any time if they are willing to move towards serious talks to remedy trade problems.”