Update on US Customs Tariff: China’s Move Next
White House spokesman Leavitt recently addressed the ongoing tension over customs tariffs between the United States and China. In a press briefing, he stated that the ball is now in China’s court, emphasizing that China needs to make an agreement with the US, rather than the other way around.
Leavitt highlighted that China’s desire for access to the American consumer market indicates their need for US funds. He mentioned President Trump’s openness to reaching an agreement with China, but reiterated that it is China’s responsibility to come to terms with the United States.
Furthermore, Leavitt revealed that the US will soon announce customs tariff agreements with several countries, particularly those that do not retaliate against the US. He also addressed the issue of tax exemptions on certain automobile parts in export, indicating that Trump is willing to be flexible in customs negotiations as long as fair agreements can be reached with each country.
The trade restoration between the US and China has seen both countries increasing their customs tariffs in response to each other’s actions. The US raised its tariffs on Chinese imports to 145 percent, while China retaliated with a 125 percent hike on US goods. While the US postponed mutual tariffs with other countries for 90 days, the tariffs with China went into effect.
In a bid to ease tensions, Trump announced exemptions for certain technology products, such as smartphones, laptops, hard drives, computer processors, and chips, from additional taxes.
As negotiations continue between the two economic giants, the world awaits to see how the trade dispute will unfold and its implications on the global economy.
