The United States is making plans to impose new tariffs on all remaining Chinese imports if talks regarding the trade between the two countries fail. China’s President Xi Jinping and the US President Donald Trump are supposed to meet in order to resolve the ongoing trade.
As per Bloomberg report, the Trump administration is all set to impose new tariffs against Chinese imports if China does not reconcile to resolve the ongoing dispute between the countries. However, the Trump administration could announce new taxes against Chinese goods most probably in the last month of this year. After that, the US government would pay attention to other Asian countries, which are not yet subjected to tariffs.
After the report, the US stocks fell sharply on the board such as Boeing, a global aircraft and aerospace maker, closed 6.5 percent lower marking its worst on Wall Street since 2016. On the other hand, the Dow Jones Industrial Average erased its earlier gains of 350 points in the previous session and went down more than 200 points. The S&P 500 dropped 0.6 percent down.
Both the countries have already imposed tariffs on $50 billion goods before sanctions of September. The White House is set to increase the bar by 25 percent in the year-end on items such as furniture and appliances, whereas Beijing would impose taxes of about $60 billion of US goods including coal, Vaseline, grease, asphalt, plastic products, or so on.
Thus, Wall Street turned down overnight after following this report that Washington is all set to levy tariffs on remaining Chinese goods if upcoming trade talks between the two countries fail. However, both countries have levied tariffs worth of billions on goods earlier in September. This report has given some clues to investors about the escalating trade war.