In an unexpected Friday development – President Trump began the process of raising tariffs on all remaining imports from China, valued at approximately $300 billion. The move follows a Friday tariff increase on Chinese imports from 10% to 25% effective just after midnight.
US Trade Representative Robert Lighthizer issued a Friday statement – after market hours of course – which reads:
“Earlier today, at the direction of the President, the United States increased the level of tariffs from 10 percent to 25 percent on approximately $200 billion worth of Chinese imports. The President also ordered us to begin the process of raising tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.”
Lighthizer noted that the process for a public notice and comment period on the tariff decision will be published shortly in the Federal Register, while more details will also be made available on the USTR’s website on Monday.
Meanwhile, trade talks between China and the US appear to have stalled once again on three areas, according to Bloomberg – including whether the US would remove the increased tariffs, targets set for US imports which Beijing deems unrealistic, and finally – the wording of the trade agreement itself.
For those keeping track, here is a timeline of the trade war via Rabobank: