The tariff delay is about to end for Chinese traders imposed by the “president of the United States of America” in mid-September. Trump has done some changes in the tariff tax rates on the import of Chinese products and took a decision to change the rates from 25% to 30%. A further 15% tariff on nearly all other Chinese imports like laptops, smartphones, footwear, and clothing is yet set to be imposed by 15 December unless a settlement can be relinquished with Beijing. The world’s biggest marketplaces have been locked in a bruising trade fight for the past year that has spoiled industries and impacting the global economy too.
Trump said china that he is delaying the increased tariff rates on Chinese products from October 1 to October 15 but in return, he asked to scrap some US tariffs. The deal was done to hold fresh talks aimed at settling their long-running trade conflict between the two. It’s still unknown what will be the result of this delay but everyone is hoping for some good outcome. Earlier, China issued a list of 16 US imports that will be spared from tariffs that include some anti-cancer drugs and animal feed too. Significant US exports to China, like pork, soybeans and American-made cars, are among the goods that will still be hit by the massive taxes.
“A broad settlement is not in sight,” Gary Hufbauer of the Peterson Institute for International Economics said.
“Beijing is prepared for a continuation of tariffs and hostile rhetoric through 2020. And Trump cannot back down without getting a storm of criticism from the hawks, both Democrats and Republicans.” Apart from all china welcomes Trump’s decision of delaying and called it an act of “Goodwill”. Substantially, it is very well understood that Tariff delays don’t mean that the US-China trade war is ending but it will bring down some settlement between the two nations.