Exporters from China woke up on Tuesday to the news that US President Donald Trump has pressed forward with what was previously considered the “nuclear option” in the long-running trade war.
By publishing a plan to roll out tariffs of up to 25 per cent on almost all of the remaining goods China sells to the United States, Trump has gone further than many thought possible when the trade war’s first skirmishes took place almost one year ago.
Overnight, the Office of the United States Trade Representative (USTR) published List 4 of the Section 301 regime of trade tariffs. This pledged to impose tariffs of up to 25 per cent on Chinese goods with an approximate total annual trade value of US$300 billion.
source: South China Morning Post