Daily Management Review

Threatened US Tariffs Will Be Delayed, Expects China: Reports


12/11/2019




Threatened US Tariffs Will Be Delayed, Expects China: Reports
Several reports quoting source information claimed Chinese officials are expecting that the tariffs on Chinese products as threatened by US President Donald Trump that is scheduled to be imposed from Sunday is likely to be postponed by Washington to give some additional time for the two countries to try and work out a partial and interim agreement on trade. Such hopes were raised as negotiators of both countries have said that they are close to resolve the differences on the so called phase one of the trade deal despite a number of deadlines being missed for the finalization of the deal.
 
The reports suggested that there is almost daily contact between the negotiators of the two sides and they have reportedly come close to reaching an agreement on the scope and extent of roll back of the trade tariffs that have already been imposed by both the sides. However reports also said that the solution being worked out by the two counties is to lower the prevailing rates of tariffs on each other’s products instead of a complete roll back of the tariffs.
 
Reports also claimed that very clear signals have been sent by Washington to Beijing that it are willing to delay the December 15 tariffs on $160 billion worth of Chinese products that would have included a host of consumer items such as smartphones and toys.
 
“It’s the president’s decision,” White House Trade Adviser Peter Navarro said late Tuesday. “I’ve got no indication that he’s going to do anything other than have a great deal or put the tariffs on.”
 
A day ago, Sonny Perdue, the US Agriculture Secretary had said that there was a chance that there could be “some backing away” from the threatened new tariffs. It was also reported that Trump had held a meeting with his trade team on Thursday to discuss the possibility of a delay of the imposition of the threatened new tariffs.
 
Since the trade war between the two largest economies of the world began about 20 months ago at the behest of US president Donald Trump. Import tariffs on  about $250 billion of Chinese products at the rate of 25 per cent and another $110 billion of Chinese imports at the rate of 15 per cent have been levied by the Trump administration. China has also imposed its own tariffs on import of US products. Sources said that the two parties are now considering reducing the rate of tariffs by as much as 50 per cent to allow for the completion of the phase one of the trade agreement and pave way for talks to have a comprehensive trade deal.
 
Reports said that the view point of Beijing about the possibility of postponement of the threatened tariffs as a measure by the US to allow the trade negotiations to continue so the the two sides can complete the talks on those areas of the phase one deal that are still remain unresolved.
 
Completing a well crafted phase one deal was more important than getting it done before December 15, said US Commerce Secretary Wilbur Ross on Tuesday to a television news channel in the US. “Every day that goes by, we are in a better negotiating position,” he said.
 
(Source:www.bloomberg.com)






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