Updated By: LatestGKGS Desk
US Government To Slap 25% Tariff on $50 Billion Worth of Chinese Goods
US Government To Slap 25% Tariff on $50 Billion Worth of Chinese Goods- Details, Facts
The United States Government led by President, Donald Trump, is planning to put a 25 percent tariff on up to $50 billion of Chinese goods in response to alleged Intellectual Property (IP) theft and unfair trade practices. This decision has triggered a full-fledged trade war between world's two largest economies states.
Facts
The tariffs will be applied in two waves. The first will apply to 818 Chinese goods worth $34 billion and in second wave it will apply to 284 goods worth another $16 billion.
The focus of the tariffs is on industrial goods, particularly in areas identified under China's Made in China 2025 plan designed to encourage growth in particular industries.
It generally focuses on products from industrial sectors that contribute to or benefit from & Made in China 2025 industrial policy. It includes industries such as information and communications technology (ICT), aerospace, robotics, industrial machinery, new materials, and automobiles.
China quickly in response also announced its own plans to put tariffs on U.S. goods. It imposed additional duties on $50 billion worth of American products.
U.S. trade relations have suffered with major partners including China, Canada and Mexico.
