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Tariff Deadline Nears as China Cancels Trade Talks With U.S.
Monday, 24 September 2018 10:32 WIB | GLOBAL |Global

The U.S. and China are hours away from a new round of tariffs on each other's goods, with no improvement in relations between the two rivals in sight.

In a significant escalation, $200 billion of Chinese products will be subject to tariffs from 12 p.m. Beijing time on Monday, on top of the $50 billion in goods already slapped with tariffs actions in the year.

The combined $250 billion in products facing levies is almost half the value of imports from China last year. Meanwhile, $110 billion of goods from the U.S. will become subject to Chinese tariffs around the same time, or about 70 percent of the value of goods it bought from America in 2017.

China on Saturday called off planned trade talks with U.S. officials. The U.S. State Department™s sanctions against China™s defense agency and its director on Thursday contributed to the decision, according to people familiar with the situation. There™s a growing consensus in Beijing that substantive talks will only be possible with the Trump administration after U.S. mid-term elections in November, the people said.

Source: Bloomberg

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