Us tariff on china: The Trump administration has announced to double the 10 percent tariffs imposed on China due to the manufacture of chemical used in Phantanile Products. This step has been taken to prevent the smuggling and production of Phantanelle.
Chinese Commerce Minister Wang Vento wrote a letter to the newly appointed US trade representative Jamison Greer on the issue saying that business differences between the two countries should be resolved through negotiations and talks. This initiative from China is a step towards reducing business tension, however, the US administration has decided to increase the tariff at the moment.
The impact of tariff on American consumers
Jacob Jensen, the business policy analyst of the Center-Right Think Tank American Action Forum, says that 25% tariffs on Mexico and Canada will cost the US public from $ 120 billion to $ 225 billion annually to $ 225 billion. In addition, the additional tariffs imposed on China can cause a loss of up to $ 25 billion to consumers.
Growing tariff on China
The Trump administration had earlier imposed a 10 % tariff on the chemicals involved in the fentinel production, which is now planned to double. This step has been taken with the aim of preventing supply of illegal drugs in the US market.
Steps to increase tariff on China
The trump administration’s move to increase the tariff on China may further increase business tension. While China has spoken of solution through dialogue, the growing tariff is likely to have a profound impact on American consumers and global trade.
However, the Canadian PM has threatened US President Trump not to impose tariffs. If this is done, they will have to be ready to suffer serious consequences.
Also read: ‘If you put a tariff if Trump put a tariff …’ Canada on America, Justin Trudeau gave a big threat
Leave a Reply