The Trump administration has finally made good on its threats to impose a 10% tariff on $200 billion of Chinese goods, adding that it could soon move up to 25% if progress was not made over the two countries’ disagreements.
“I urge China’s leaders to take swift action to end their country’s unfair trade practices. Hopefully, this trade situation will be resolved, in the end, by myself and President Xi of China, for whom I have great respect and affection,” said Trump in a statement.
The tariffs, effective from next week, notably left out consumer electronics such as those made by Apple, which heavily relies on Chinese manufacturers to produce its phones and smartwatches. Safety items and industrial chemicals were also taken off the previously drawn-up list, according to the Financial Times.
Meanwhile, Larry Kudlow, White House chief economic adviser, told China that the US is willing sit down again with China in order to reach a resolution to the dispute.
“We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations towards free trade to reduce tariffs and non-tariff barriers, to open markets, to allow the most competitive economy in the world, ours, to export more and more goods and services to China,” said Kudlow.