Trump administration set to impose 7.5% tariff on Chinese goods, raising total China tariffs to 20%, citing excess manufacturing capacity ahead of Xi summit.
Macro & Markets ·
The Trump administration plans to impose an additional 7.5% tariff on Chinese goods, bringing total tariffs on China to 20%, according to Bloomberg. The administration cited excess manufacturing capacity as the rationale for the increase ahead of a planned summit with Chinese President Xi scheduled for September 24th. These new tariffs will be layered on top of duties imposed during Trump's first term that were subsequently extended under President Biden.