245% Tariff on Chinese Goods: US Takes Hardline Stance in Trade War

Washington (The Uttam Hindu): The United States has announced a significant increase in tariffs on Chinese imports, raising the rate to 245% from the previous 145%. This decision comes as a response to China's retaliatory measures, which included increasing tariffs on US imports to 125%.

Details of the Tariff Increase

The White House revealed the new tariff rate late on Tuesday, marking a 100% increase from the existing rate. This move underscores the escalating trade tensions between the two nations.

US Offers Temporary Reprieve to Other Countries

In contrast to its stance on China, the US has decided to suspend tariffs on imports from over 75 countries, including India, for a period of 90 days. During this time, these countries will be subject to a basic tariff of 10%. This temporary reprieve is aimed at fostering trade agreements between the US and these nations.

India-US Trade Discussions

Discussions have begun between India and the US regarding potential trade deals. It is anticipated that a series of meetings may commence in May to explore possibilities of a mutually beneficial agreement. The US has expressed openness to trade negotiations, with the Trump administration stating that approximately 75 countries have reached out for potential deals.

Global Trade Implications

The US decision to increase tariffs on Chinese goods while offering a temporary waiver to other countries is likely to have significant implications for global trade. The move has sparked optimism in the Indian stock market, with a surge in activity following the announcement of the tariff suspension.