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The United States is set to announce tariffs on all remaining Chinese imports by early December if next month's talks between Presidents Donald Trump and Xi Jinping fail to mitigate the trade war, said three knowledgeable people.
An announcement of a new list of products announced in early December would mean that the effective date – after a 60-day public comment period – could coincide with the Chinese Lunar New Year holiday in early February. The list would apply to imports from the Asian nation that are not already covered by previous sets of tariffs – which could amount to $ 257 billion based on last year's import figures , according to two people.
US authorities are gearing up for such a scenario in the event that a planned meeting of Trump-Xi would not make any progress on the sidelines of a Group of 20 summit in Buenos Aires in November, according to two people who refused to 39 to be identified to discuss internal deliberations. . They warned that the final decisions had not been taken.
The move signals that the Trump administration remains willing to step up its trade war with China as business complains about rising tariff costs and financial markets continue to be nervous about global economic benefits.
Inventories erased gains partly because of concerns over escalating trade war between the world's two largest economies. The S & P 500 index fell 2.1% before reducing the fall and ending the day down 0.7%. The Dow Jones Industrial Average index closed down 1% and the Nasdaq 100 index reached its lowest level since May.
Sarah Huckabee Sanders, press secretary at the White House, declined to elaborate on the importance of the meeting. "I will not take the conversation in advance," she said at Monday's press conference. "You have two of the most powerful leaders in the world. I think this is important no matter how you look at it and we will see what happens when they sit down. "
The United States has already imposed a $ 250 billion tariff on trade with China this year. The 10% tariff on imports of $ 200 billion that came into effect in September is expected to increase to 25% on January 1st. Trump also threatened to impose tariffs of $ 505 billion on remaining imports of goods from China.
Another option is that the White House is also considering excluding trade from the agenda of the meeting, but it is unlikely that the meeting will completely cancel it, according to two people familiar with the matter.
"We are in the middle of a pretty nasty argument. We are in a trade dispute – I want to use that word because it's a kind and sweet word – but we're going to win, "Trump said Saturday at an event held in Indiana. "Do you know why?" Because we always win. "
