Economy

Tariffs on Chinese goods could go up at least another $300 billion

Tariffs on Chinese goods could go up at least another $300 billion”

"Strict control of the United States over exports to China is one of the important reasons for the trade deficit", the report read, adding that USA export control measures involve around 3,100 items in 10 categories, including mostly high-tech products.

"Our talks with China, a lot of interesting things are happening. We'll see what happens", he said earlier Thursday, in Ireland. "I could go up another at least Sh30 trillion (USD300 billion) and I'll do that at the right time", Trump told reporters on Thursday, without specifying which goods could be impacted. "I think China wants to make a deal badly".

Register to advertise your products & services on our classifieds website Digger.co.ke and enjoy one month subscription free of charge and 3 free ads on the Standard newspaper. The regime responded with a tariff hike on $60 billion of US goods.

The Commerce Ministry also issued a report on how the United States has benefited from years of economic and trade cooperation with China, saying US claims that China has taken advantage in bilateral trade were groundless. Hopes of an agreement to resolve the tariff dispute between the USA and China faded in mid-May, as talks between Beijing and Washington broke down and the US raised tariffs on $200 billion of Chinese goods.

In Beijing, China's Commerce Ministry struck a defiant tone.

In April, the United States recorded a $71.7 billion deficit in the trade goods like cars and aircraft but a $20.9 billion surplus in the trade of services such as banking and education.

U.S. President Trump said today he would make a decision about ramping up tariffs on China after speaking with Chinese President Xi Jinping at a summit this month in Japan.

"It's nice that the trade deficit narrowed but it did so for all the wrong reasons", economist Joel Naroff wrote in a note to clients.

"China is open to negotiations, but will also fight to the end if needed", the report stated.

Gao said the list did not target specific industries, companies or individuals, and details would be disclosed soon.

US Secretary of the Treasury Steven Mnuchin is scheduled to meet People's Bank of China Governor Yi Gang (易綱) this weekend at a gathering of G20 finance leaders in Japan, the first face-to-face discussion between key negotiators in almost a month.

Mexican and USA officials are also set to resume their talks in Washington on Thursday aimed at averting an imposition of tariffs on Mexican goods. Trump's presidential victory in 2016 was clinched by wins in Midwestern battleground states such as Wisconsin and MI, so any impact to the economy there could make his 2020 reelection arguments more hard for voters to swallow.

He reiterated that 5 percent tariffs on all Mexico's exports to the U.S. due to start on Monday would go ahead if progress was not made.

So far this year, the USA trade gap is still two percent higher than the same period in 2018.

"Mexico was in yesterday".



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