Trump Set to Slap $200 B in Tar­iffs on Chi­nese Goods

The tar­iff level will prob­a­bly be about 10%, be­low the 25% the ad­min­is­tra­tion said it was con­sid­er­ing for this round of tar­iffs Sam­sung Heir in South Korea’s Del­e­ga­tion to North: Seoul

The Economic Times - - Around The World -

Wash­ing­ton: US Pres­i­dent Don­ald Trump is likely to an­nounce new tar­iffs on about $ 200 bil­lion on Chi nese i mports as e a rly as Mon­day, a se­nior ad­min­is­tra­tion of­fi­cial told Reuters on Satur­day.

The tar­iff level will prob­a­bly be about 10%, the Wall Street Jour­nal re­ported, quot­ing peo­ple fa­mil­iar with the mat­ter. This is be­low the 25% the ad­min­is­tra­tion said it was con­sid­er­ing for this pos­si­ble round of tar­iffs. The White House did not imme- Seoul: The heir to the Sam­sung em­pire and the lead­ers of sev­eral other South Korean con­glom­er­ates will go to Py­ongyang this week for an in­ter-Korean sum­mit, Seoul an­nounced Sun­day. Sam­sung’s Lee Jae-yon­gandthe­head­soft­heSKand LG groups will be part of Pres­i­dent MoonJae-in’sdel­e­ga­tionashe­heads for a meet­ing with the North’s leader Kim Jong Un, Moon’s of­fice said. Kim Yong-hwan, vice-chair­man of Hyundai Mo­tor Group — whose fou nder was a refugee from the North — will be among the en­tourage. Hyun Jeongeun, chair­woman of the sep­a­rate Hyundai Group which pi­o­neered many cross­bor­der eco­nomic projects, will also ac­com­pa­nyMoon. Hyun met Kim’s fa­ther Kim Jong Il sev­eral times. She was among the first South Kore­ans tomeet­they­oun­glead­er­when­heas­sumed power fol­low­ing his fa­ther’s death in 2011.

Moon is set to f ly to the North’s cap­i­tal on Tues­day for a three-day sum­mit with Kim. di­ately re­spond to a re­quest for com­ment.

The up­com­ing tar­iffs will be on a list of items that in­cluded $200 bil­lion worth of in­ter­net tech­nol­ogy prod­ucts and other elec­tron­ics, printed cir­cuit boards and con­sumer goods in­clud­ing Chi­nese seafood, fur­ni­ture and light­ing prod­ucts, tires, chem­i­cals, plastics, bi­cy­cles and car seats for ba­bies. It was un­clear if the ad­min­is­tra­tion will ex­empt any of the prod­ucts that were on the list, which was an­nounced in July. On Fri­day, White House spokes­woman Lind­say Wal­ters said Trump “has been clear that he and his ad­min­is­tra­tion will con­tinue to take ac­tion to ad­dress China’s un­fair trade prac­tices. We en­cour­age China to ad­dress the long-stand­ing con­cerns raised by the Unites States.” Trump had al­ready di­rected aides to pro­ceed with tar­iffs, de­spite Trea­sury Sec­re­tary Steven Mnuchin’sat­tempt­storestart trade talks with China. One o b s e r ve r in t he busi­ness sec­tor said the ad­min­is­tra­tion may have re­duced its planned tar­iff level af­ter hear­ing pub­lic com­ments, hop­ing com­pa­nies would not im­me­di­ately hike prices for con­sumer goods to pass along the costs. Still, the ad­di­tional tar­iffs could com­pli­cate trade talks with China ex­pected later this month. Trump has de­manded that China cut its $ 375 bil­lion trade sur­plus with the United States, end poli­cies aimed at ac­quir­ing US tech­nolo­gies and in­tel­lec­tual prop­erty and roll back high-tech in­dus­trial sub­si­dies.

This week, the world’s two largest economies ap­peared to be mak­ing progress on trade. Trea­sury in­vited se­nior Chi­nese of­fi­cials, in­clud­ing Vice Premier Liu He, for more talks.

The ad­min­is­tra­tion has al­ready levied du­ties on $50 bil­lion worth of Chi­nese goods fol­low­ing a study on China’s in­tel­lec­tual prop­erty prac­tices re­leased ear­lier this year. On Septem­ber 7, Trump warned that he had fur­ther tar­iffs ready to go on $267 bil­lion worth of Chi­nese im­ports be­yond those that will be tar­geted this week. If all of the tar­iffs were in­voked, to­tal im­ports from China fac­ing tar­iffs would ex­ceed the $ 505 bil­lion in goods that the United States im­ported from China last year.

Sam­sung’s Lee Jae-yong and the heads of the SK and LG groups will be part of Pres­i­dent Moon’s del­e­ga­tion as he heads for a meet­ing with the North’s Kim Jong Un

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