USA-China trade war: Tension continues to heat up

The US government plans to announce the third round of tariffs on imports from China that worth USD 200 billion, covering 6,031 products in the coming days. It is still unclear if the administration would impose 10% or 25% this round. 

The announcement comes right after the government approved the Miscellaneous Tariff Bill of 2018 (MTB) that exempts 1660 import products, including hundred of plastic end products from import duties. However, the bill only reverts the tariffs before the trade war.

Chinese authorities in response, threatening to implement non-tariffs countermeasures against the US. One of the proposals include the restriction of China’s sales ‘of materials, equipment and other parts key to U.S. manufacturers’ supply chains’, the Wall Street Journal reported.

The Chinese representatives and the US have scheduled a trade talk end of this week; aim to resolve the trade war issue. Industry participants are not optimistic about the outcome following the latest round of trade quarrel between the two countries.