Home / News & Updates / Donald Trump raises tariffs on thousands of Chinese goods

Donald Trump raises tariffs on thousands of Chinese goods

Internet modems, furniture, lighting, car parts, vacuum cleaners, and building materials are all affected by the hike.

Donald Trump raised tariffs on Chinese imports by $ 200 billion (153 billion pounds), which increased tensions with Beijing.

The increase in tariffs occurred despite a meeting of us and Chinese negotiators last time in Washington on Thursday.
Taxes on imports of goods from 5,700 categories rose from 10% to 25% at 12.01 Washington time (5.01 British time).

A number of Chinese consumer goods are on the list.

They include:

:: Hoovers

:: Christmas lights

:: Boiled vegetables

:: Autoparts

:: Internet modem

Experts say that us consumers will need several months to notice any increase in the cost – subject to a full increase in tariffs.

By increasing import tariffs, the United States is making Chinese goods less attractive to its people, encouraging buyers and businesses to look elsewhere, preferably domestically.

China, which has threatened revenge if President trump carries out his threat, responded that it “deeply” regrets the escalation, and there will be “countermeasures.”

His foreign Ministry is committed to the current round of talks in Washington but warned that the US should meet halfway.

The white house notified about the tariff increase in just a week, accusing Beijing of violating the agreement, renouncing its promises at the last moment.

Car parts are among the Chinese products hit by the tariff increases

Contentious areas include intellectual property theft and forced technology transfer.

In response to the tariff hike, France responded that the trade war was the biggest threat to the world economy, as the spat had already been accused of containing growth last year.

Some business leaders in the US warn that escalation is their own goal, as it will hit domestic consumers and small companies hardest.

Gary Shapiro, Executive Director of the technology consumers Association, said: “Our industry supports more than 18 million jobs in the US, but raising tariffs will have disastrous consequences.

“The tariffs, which are already in effect, cost the American technology sector about $ 1 billion (770 million pounds) more than a month since October. It can be life and death for small businesses and start-up companies that cannot cover the extra costs.”

It is expected that the negotiations aimed at overcoming the current impasse will continue on Friday morning, the White House said.

This fact, according to analysts, prevented the financial markets from experiencing a deeper decline on Friday.

Stock markets fell around the world during the week, as the clock slowed to an impending tariff increase, but by the close, the Shanghai Composite rose 3% after the explicit intervention of the Chinese funds supported by the state.

Japan’s Nikkei recovered 0.3% to close, although it still lost more than 4% of its value for the week.

The FTSE 100 opened 0.7% higher – with mining shares in the lead – while the German DAX and CAC 40 in France rose by almost 1%.

Futures on us currency indicate a fixed opening for the S & P 500 – recovery after the decline indication.

Analysts Lombard Odier Investment Managers noted in a note to customers: “If in the coming days the tension will increase significantly, we expect a clear market reaction.

“There is a potential for a 15% plus correction in China’s shares and emerging markets, and in our opinion, about 5-7% falls on global shares.”

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