USTR eyes US$ 300 billion of Chinese imports
In continuation of the simmering trade war between US and China, the US Trade Representative (USTR) proposed to increase tariffs levied on 3,805 Chinese imports, pegged at about US$ 300 billion. This tit-for-tat action came a day after China’s retaliatory move of imposing higher tariffs on US$ 60 billion worth of US goods sold in China from June 1. This was, in turn, inspired by the decision of the US government to hike tariffs on US$ 200 billion of Chinese goods.
The proposed list of goods includes laptops, mobile phones, clothing, motorbikes and toys; which will now attract up to 25% tariffs. According to Matthew Shay, President, National Retail Federation, this “will jeopardise American jobs and increase costs for consumers”.