BEIJING: China likely will not send a trade delegation to Washington after the Trump Administration announced plans to implement tariffs on $200 billion worth of Chinese goods, the South China Morning Post reported on Tuesday, citing an unidentified government source in Beijing.
The report said China is reviewing its previous plans to send a delegation headed by Vice Premier Liu He to the US next week for fresh round of talks. The source told the paper that Beijing has not yet made a final decision but that a show of “sufficient goodwill” was a precondition for the planned talks.
The new US tariffs would take effect on Sept. 24 at a rate of 10 percent and then escalate to 25 percent by the end of 2018.
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China unlikely to send trade delegation to US after new tariffs
China unlikely to send trade delegation to US after new tariffs
- The news comes after the Trump Administration announced plans to implement tariffs on $200 billion worth of Chinese goods
- China is reviewing its previous plans to send a delegation headed by Vice Premier Liu He to the US next week
US lifts 25 percent tariff on Indian goods linked to Russia oil purchases
WASHINGTON: US President Donald Trump moved Friday to lift an additional 25 percent tariff he imposed on goods from India over its purchases of Russian oil — a step to implement a trade deal announced this week.
“India has committed to stop directly or indirectly importing Russian Federation oil,” according to an executive order Trump signed.
New Delhi has also said that it will purchase US energy products, “and has recently committed to a framework with the United States to expand defense cooperation over the next 10 years,” the order said.
The additional 25 percent US duty will be removed at 12:01 am Eastern Time on Saturday.
The executive order comes days after Trump announced a trade deal to reduce tariffs on India, saying that Prime Minister Narendra Modi had promised to stop buying Russian oil over the war in Ukraine.
The pact would also see Washington cutting so-called “reciprocal” levies on Indian products to 18 percent, down from a 25-percent level.
The rollout of this reduction is still to come.
Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.
The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.
The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.
The deal eases months of tensions over India’s oil purchases, which Washington says fund a conflict it is trying to end.
It restores close ties between Trump and Modi, a fellow right-wing populist that the US leader has described as “one of my greatest friends.”
The 18 percent tariff level also gives Indian exporters a slight edge in the US market over competitors in the region who secured duties of around 19 percent to 20 percent, said Wendy Cutler, senior vice president at the Asia Society Policy Institute, this week.
“India has committed to stop directly or indirectly importing Russian Federation oil,” according to an executive order Trump signed.
New Delhi has also said that it will purchase US energy products, “and has recently committed to a framework with the United States to expand defense cooperation over the next 10 years,” the order said.
The additional 25 percent US duty will be removed at 12:01 am Eastern Time on Saturday.
The executive order comes days after Trump announced a trade deal to reduce tariffs on India, saying that Prime Minister Narendra Modi had promised to stop buying Russian oil over the war in Ukraine.
The pact would also see Washington cutting so-called “reciprocal” levies on Indian products to 18 percent, down from a 25-percent level.
The rollout of this reduction is still to come.
Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.
The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.
The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.
The deal eases months of tensions over India’s oil purchases, which Washington says fund a conflict it is trying to end.
It restores close ties between Trump and Modi, a fellow right-wing populist that the US leader has described as “one of my greatest friends.”
The 18 percent tariff level also gives Indian exporters a slight edge in the US market over competitors in the region who secured duties of around 19 percent to 20 percent, said Wendy Cutler, senior vice president at the Asia Society Policy Institute, this week.
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