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In mid-March, White House sources revealed to Reuters that the annual tariffs on Chinese goods have been expanded from US$30 billion to US$60 billion, covering more than 100 Chinese products such as electronics, telecommunications equipment, furniture and toys. Relevant taxation plans will be launched one after another.
45 US industry associations collectively petitioned to suspend tax on China
Trump will push the news of China's new tariff policy, causing a shock to the US business and trade circles. According to the US "Wall Street Journal" report, 45 industry associations representing various economic sectors in the United States have submitted a petition to Trump to suspend the plan to impose tariffs on Chinese imports, and requested the US government to provide industry experts with The opportunity to express opinions on this matter is to assess the impact that the relevant policies may have on the US economy once implemented.
The 45 industry associations include technology, retail, agriculture and furniture, and the companies involved in the petition include large multinational companies such as Apple, Google, Microsoft, Nike and Wal-Mart. The president of the National Chamber of Commerce in the United States, Tom Donohue, also issued a statement on the 15th that the imposition of tariffs on imports from China is a devastating tax on American consumers. He believes that this will offset most of the gains American families receive from the government's last year's tax cuts, and ultimately hurt American consumers. The 45 US industry associations that participated in the collective petition hope to delay at least the time when the new tariffs take effect to assess the losses that may be suffered as a result.
There is no winner in the trade war and only loses
Chinese Premier Li Keqiang pointed out that the trade war between China and the United States is not good for both sides. There is no winner. I hope that both sides should maintain rationality, not to use emotions and avoid trade wars. Last year, the scale of Sino-US trade reached 580 billion US dollars. Li Keqiang said that China will continue to promote specific measures to expand opening up, including services, manufacturing, and commodities. He believes that US companies can seize this opportunity, but at the same time, China also hopes that the US can relax its exports of high-tech and high-value-added products to China. Premier Li hopes that the US will not lose this heavy weapon to balance Sino-US trade, otherwise it will lose the opportunity to make money.
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