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
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