Washington is moving ahead on Sunday with new tariffs on Chinese imports. This came after President Donald Trump on Friday ruled out any further postponement. “They’re on,” he told reporters. “The additional 15 per cent tariffs, affecting a portion of the USD 300 billion in goods from the Asian giant that so far has been spared, will take effect at 04H01 GMT,” according to the US Trade Representative’s office.
The new tariffs will target a range of products, from foodstuffs (ketchup, butchered meat, pork sausage, fruits, vegetables, milk, cheese) to sports equipment (golf clubs, surf boards, bicycles), to musical instruments, sportswear and furniture, according to an official list.
Economists at the Washington-based Peterson Institute for International Economics estimate USD 112 billion in goods will be affected.
Earlier, Trump had said the trade war touched off by Trump more than a year ago received its latest jolt last month with the said layers of US tariffs have hurt China so badly that it will have no choice but to make a trade deal with the United States.
His trade war has been blamed for a global economic slowdown and has sown fears of an economic recession in the US Some of the leaders who spent the past three days meeting in the picturesque French seaside town of Biarritz urged Trump to bring the fight to a close.
French President Emmanuel Macron, the summit host who joined Trump at the top of the news conference, said the situation has created economic uncertainty and urged both sides to reach an agreement.
“What’s bad for the world economy is uncertainty,” Macron said, speaking in English. “The quicker an agreement is arrived at, the quicker that uncertainty will dissipate.” Another ally, British Prime Minister Boris Johnson, tried to sell the president on the value of free trade when they met over Saturday breakfast.
“We’re in favor of trade peace,” Johnson said.
Under pressure over the so-far fruitless negotiation, Trump claimed earlier Monday that his trade negotiators had been on the receiving end of two “very good calls” from China.
He said it was a sign that China is serious about reaching a deal and that talks would begin soon.
The White House announced weeks ago that China’s negotiating team was expected in Washington in September to continue the discussions.