After 50% India tariff, Donald Trump’s BIG move as US extends China tariff deadline for…
Earlier this year, the US and China were involved in a fierce trade war with tariffs crossing the 100 percent mark. The two countries agreed to pause most of the tariffs in May after their representatives met for the first time in Switzerland. Read on for more details on this.
US President Donald Trump.
United States President Donald Trump has signed an executive order extending the tariff deadline for China for another 90 days, news agency Reuters reported citing a White House official. This takes the August 12 deadline for higher US tariff on Beijing to mid-November. The development comes hours after Trump lauded China’s cooperation in talks with the US. China and the US have held several rounds of trade negotiations over the past months, which has resulted in the extension of the tariff deadline.
How much tariff had US, China imposed on each other?
Earlier this year, the US and China were involved in a fierce trade war with tariffs crossing the 100 percent mark: Trump had imposed a blanket tariff of 145 percent on China which retaliated with a 125 percent levy on US goods. The two countries agreed to pause most of the tariffs in May after their representatives met for the first time in Geneva, Switzerland. The US brought its tariff rate down to 30 percent while China lowered it to 10 percent.
How much tariff has US imposed on India and why?
Trump’s deadline extension for China comes after the US imposed a massive 50 percent tariff on goods imported from India. At the beginning of August, the US announced a 25 percent levy on New Delhi which was raised to 50 percent days later over India’s purchase of oil from Russia amid its war with Ukraine. India has hit back terming the duties unfair and calling out the US for its “double standards” citing its own trade with Moscow.
