• Deccan Chronicle
  • Andhra Bhoomi
  • Asian Age
  • ePaper
  •  Auto Refresh
Home

ePaper
Last Updated:06:49 AM IST | Saturday, Jan 28, 2023
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Menu
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Home > Politics, Plan and Policy > China, US kick off new round of tariffs in trade war
Politics, Plan and Policy
China, US kick off new round of tariffs in trade war
By  
REUTERS   , Published : Sep 2, 2019, 11:45 am IST | Updated : Sep 2, 2019, 11:45 am IST

The extra tariffs of 5 pc and 10 pc were levied on 1,717 items of a total of 5,078 products originating from the US.

The Trump administration on Sunday began collecting 15 per cent tariffs on more than USD 125 billion in Chinese imports.
The Trump administration on Sunday began collecting 15 per cent tariffs on more than USD 125 billion in Chinese imports.

Washington: The United States began imposing 15 per cent tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China began imposing new duties on US crude, the latest escalation in a bruising trade war.

US President Donald Trump said the sides would still meet for talks later this month.

Trump, writing on Twitter, said his goal was to reduce US reliance on China and he again urged American companies to find alternate suppliers outside China.

A new round of tariffs took effect from 0401 GMT with Beijing’s levy of 5 per cent on US crude marking the first time the fuel had been targeted since the world’s two largest economies started their trade war more than a year ago.

The Trump administration on Sunday began collecting 15 per cent tariffs on more than USD 125 billion in Chinese imports, including smart speakers, Bluetooth headphones and clothing.

A variety of studies suggest the tariffs will cost US households up to USD 1,000 a year and the latest round will hit a significant number of US consumer goods.

In retaliation, China started to impose additional tariffs on some of the US goods on a USD 75 billion target list. Beijing did not specify the value of the goods that face higher tariffs from Sunday.

The extra tariffs of 5 per cent and 10 per cent were levied on 1,717 items of a total of 5,078 products originating from the United States. Beijing will start collecting additional tariffs on the rest from December 15.

Steve Lamar, executive vice president of the American Apparel & Footwear Association, said on Sunday the new tariffs were “just in time for our most important selling season of the year. They claim that they are hurting China but, in reality, they are hurting us. Prices will go up, sales will go down, jobs will be lost.”

He said the United States “can make progress with China when we engage with them in calm, productive talks, not when we make it more expensive for Americans to get dressed everyday.”

Trump on Sunday cited comments from US economist Peter Morici, who said the tariffs would not affect US consumers that much given a drop in the Chinese currency, and the president called on U.S. companies to find suppliers outside of China.

“We don’t want to be servants to the Chinese!” Trump said. “This is about American Freedom. Redirect the supply chain. There is no reason to buy everything from China!”

Later, he told reporters that talks with China were continuing and the two sides would meet in person in September.

end-of
Tags: 
trade war, tariffs, import duty, donald trump, us-china trade war
Location: 
United States, Washington
Latest From Politics, Plan and Policy
As per the finance ministry, Finance Minister Nirmala Sitharaman will meet stakehokder groups of 'New Economy: Start-ups, Fintech and Digital Sector' on Monday morning, and financial sector and capital market representatives later in the day. (Photo: File | ANI)

FM Sitharaman to hold pre-Budget meetings with stakeholders beginning today

Brent crude futures were up 19 cents, or 0.3 per cent, at USD 62.47 a barrel.

Oil rises amid optimism over OPEC supply cuts, hopes on US-China trade

Traders are now eyeing next month’s meeting between the OPEC and Russia to determine if the group would deepen output cuts to prop up prices. (Photo: Twitter)

Oil slips as US-China trade deal hopes dwindle

Most Popular

Mukesh Ambani 9th richest on Forbes' real-time billionaires list
Top credit card myths harmful for your financial well-being
Microsoft CEO Satya Nadella tops Fortune's Businessperson of the Year 2019
Employment growth slowed down in last two years: report
GST structure: key challenges and its solutions

Editor's Picks

Income tax e-filers drop by over 6.6 lakh in FY19: Official data
Swiping on your smartphone reveals a lot about you to your social media company
  • Read Financial Chronicle as it appears in print.
  • Subscribe, and get it delivered in the inbox everyday.
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
  • Home
  • About Us
  • Contact Us
  • Terms of Service
  • Privacy Guidelines
  • Copyright © 2019 Financial Chronicle, All rights reserved
Developed & Maintained By Daksham