- The US may increase proposed tariff rates on $US200 billion worth of Chinese imports.
- The US Trade Representative (USTR) previously announced the imports would attract tariffs of 10%.
- China and the United States have not held formal trade talks in nearly two months.
The United States may announce higher tariff rates on Chinese imports entering the country, a move designed to increase pressure on China to resume trade negotiations.
According to Bloomberg, citing unnamed sources, proposed 10% tariffs on $US200 billion worth of Chinese imports, announced in July, could be increased to 25% within the coming days.
“President Donald Trump has threatened an additional $US200 billion with levies of 10%, a level the administration may raise to 25% in a Federal Register notice in coming days,” a source told Bloomberg.
The source added the caveat that the change hasn’t been finalised as yet and may not go forward after a public review.
The proposed tariffs could be introduced as soon as early September after public hearings, running between August 20-23, conclude.
Having already introduced 25% tariffs on $US34 billion worth of Chinese imports in June, an additional $US16 billion in imports could attract new 25% tariffs as soon as this week.
China, as it did with the first round of tariffs, has vowed to implement reciprocal tariffs on US imports.
Despite signs of a thawing in relations between China and the United States based on recent media reports, the two sides have not held formal discussions in close to two months.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.