Trade war us takes aim at 200bn in chinese goods
The United States has announced plans to impose tariffs on an additional $200 billion worth of Chinese goods, escalating the ongoing trade war between the two countries.
Here are some key points to know:
What's happening: The US Trade Representative (USTR) has proposed tariffs on $200 billion worth of Chinese goods, including electronics, machinery, and textiles. This is in addition to the $50 billion worth of goods already subject to tariffs.
Why: The tariffs are in response to China's alleged unfair trade practices, including forced technology transfer, intellectual property theft, and subsidies to state-owned enterprises.
What's being targeted: The proposed tariffs would affect a wide range of products, including:
- Electronics: smartphones, laptops, tablets, and televisions
- Machinery: industrial equipment, robotics, and medical devices
- Textiles: clothing, shoes, and accessories
- Furniture: household goods, office furniture, and bedding
Tariff rates: The proposed tariffs would range from 10% to 25% on the affected goods.
Impact: The tariffs could lead to higher prices for American consumers, particularly for electronics and other imported goods. They could also lead to retaliatory measures from China, which could harm American businesses and farmers.
Timeline: The proposed tariffs are subject to a 60-day public comment period, which is expected to end in mid-September. The tariffs could take effect as early as September 24th.
Background: The trade war between the US and China began in March, when the US imposed tariffs on $50 billion worth of Chinese goods in response to China's alleged unfair trade practices. China retaliated with tariffs on $50 billion worth of US goods, including soybeans, pork, and aircraft. Since then, both countries have imposed additional tariffs on each other's goods.
Global implications: The trade war between the US and China has significant implications for the global economy, as both countries are major trading nations. The tariffs could lead to a slowdown in global trade, higher prices for consumers, and reduced economic growth.
Market reaction: The news of the proposed tariffs has led to a decline in global stock markets, with the Dow Jones Industrial Average falling over 200 points. The US dollar has also weakened against other major currencies.