US prepares tariffs on $200B of Chinese goods - official

Economy | Politics 7/11/2018, 12:52 AM
US prepares tariffs on $200B of Chinese goods - official

United States has prepared a list of $200 billion of Chinese goods which will be subjected to tariffs, Trade Representative Robert Lighthizer said. He added his office "will proceed with a transparent and comprehensive public notice and comment process prior to the imposition of final tariffs" before imposing a 10% tariff on imports including agricultural products, minerals and some consumer goods.

"As a result of China’s retaliation and failure to change its practices, the President has ordered [the Trade Representative] to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports. This is an appropriate response under the authority of Section 301 to obtain the elimination of China’s harmful industrial policies," Lighthizer stated. "As in the past, the US is willing to engage in efforts that could lead to a resolution of our concerns about China’s unfair trade practices and to China opening its market to US goods and services. In the meantime, we will remain vigilant in defending the ability of our workers and businesses to compete on a fair and reciprocal basis," he added. Last Friday, the US imposed punitive measures on $34 billion worth of products coming from China, with Beijing retaliating by introducing tariffs on 545 goods of similar value.

Breaking the News / DJ

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