US President Donald Trump said in an interview with Fox News on Thursday (23) that he would rather not impose tariffs on Chinese products, despite considering them a “tremendous power” in relation to the Asian giant. The statement comes amid growing concerns about a possible escalation in the trade dispute between the world’s two largest economies.
“We have a very big power over China, which is tariffs, and they don’t want them,” Trump said. “I would rather not have to use it, but it is a tremendous power over China.”
Since taking office, Trump has used tariffs as a political and economic tool, threatening both adversaries and allies. In one of his first acts of government, the president signaled the possibility of imposing 10% tariffs on Chinese goods starting February 1.
Meanwhile, US lawmakers have introduced a bipartisan bill that seeks to revoke China’s preferential trade status with the United States. The proposal includes implementing minimum tariffs of 35% for non-strategic goods. For strategic goods, the tariff could go up to 100%. In addition, the bill eliminates the “de minimis” exemption for low-value Chinese imports.
If approved, the project foresees the gradual application of tariffs over five years, of 10% in the first year; 25% in the second year; 50% in the fourth year; and 100% in the fifth year.
The legislation would also eliminate the need for annual recertification for tariff designations, making the measures permanent.
The path to passage of the legislation remains uncertain, but Republicans, who control both the House and Senate, could push the bill forward. Lawmakers from both parties have expressed a desire to curb China's economic influence and protect U.S. industry.
Source: datagro
