Washington has moved ahead with putting new tariffs on Chinese products that are being imported as it is forcing Beijing to sign a new trade deal even though there are fears that the increase in Tariffs might slow down the growth of the world and the US.
On Friday, President Donald Trump ruled out on any further postponement. “They’re on”, he said to his reporters.
The addition of 15 percent in the Tariffs is going to affect a portion of $300 billion in the goods from the giant of Asia. It took effect at 04H01 GMT, according to the US Trade Representative Office.
The new tariffs are going to affect a lot of products like foodstuff: ketchup, pork sausage, vegetables, fruits, cheese, and milk, butchered meat, to sports equipment: bicycles, surfboards, and golf clubs, to the musical instruments, sportswear, and the furniture, according to the officials.
$112 billion in the goods is going to be affected, estimated by the Economists at the Washington-based Peterson Institute for International Economics.
The trade war that is going on between the US and China has received the latest jolt when the US announced Tariffs on the products of China.
More than $250 billion worth of China’s $540 billion exports to the US is already subjected to tariffs.
Many US companies have appealed to Trump to withdraw the order of putting Tariffs on the Chinese products, saying that these Tariffs would destroy their jobs and will put the burden on the consumers.
But on Friday consulting to these appeals by the companies, Trump said: “The badly run companies are blaming the Tariffs instead of blaming themselves for their loss.”
He tweeted: “And who can even blame them for doing that, Excuses!”.
Dismissing the idea of postponing any Tariffs on the Chinese products Trump did offer some hope in the form of ongoing talks.
Trump said, “We are having talks with China, meetings are being held. I guess the meeting in September continues to be still on. It has not been canceled yet, we’ll see what will happen.”
Some days later Trump said, “I hereby order all the companies of the US to stop doing business with the companies of China”. As it sparked derision and doubts.
In a sign of administration concerns about the impact of the new tariffs round particularly as it is Christmas ahead but some of the Chinese products might not be affected by the Tariffs till the 5th of December.
These products include cell phones, laptop computers, and some toys.
The consumers of America account for 75% of the GDP growth.