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China to buy $50B in US farm goods for tariff relief: sources

News Service
10:01 - 13/12/2019 الجمعة
Update: 10:03 - 13/12/2019 الجمعة
REUTERS
File photo
File photo

LOOMING DEADLINE

If Trump does not suspend the tariffs scheduled to go into effect on Sunday, Beijing officials will apply more tariffs on U.S. goods and may suspend talks until after the U.S. presidential election in November 2020, trade experts believe.

The new tariffs would apply to almost $160 billion of Chinese imports such as video game consoles, computer monitors.

In August, China said it would impose 5% and 10% in additional tariffs on $75 billion of U.S. goods in two batches. Tariffs on the first batch kicked in on Sept. 1, hitting U.S. goods including soybeans, pork, beef, chemicals and crude oil.

The tariffs on the second batch of products are also due on Sunday, affecting goods ranging from corn and wheat to small aircraft and rare earth magnets.

China also said it will reapply on Dec. 15 an additional 25% tariff on U.S.-made vehicles and 5% tariffs on auto parts that had been suspended at the beginning of 2019.

#Chin
#tariff
#US
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