NEW YORK — United States President Donald Trump's complaints about China's trade practices have increased the odds that a 25-year-old US law that established free trade with Beijing is repealed, trade experts said, a move that could raise tariffs to 61 percent on average.
NEW YORK — United States President Donald Trump's complaints about China 's trade practices have increased the odds that a 25-year-old US law that established free trade with Beijing is repealed, trade experts said, a move that could raise tariffs to 61 percent on average.
All Chinese nonfuel exports to the US, even if they were made by American companies in China, would be subject to an average 61-percent tariff rate, up from the current 19 percent, economists at Oxford Economics said in a report prepared for the US-China Business Council , a trade group.That would dent corporate profits, generate job losses and fuel inflation pressure.Removal of the trade status could cut US gross domestic product by up to $1.
China Focus Increases Odds Its Special Trading Status Could End
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