President Trump's ongoing criticism of China's trade practices is increasing the likelihood of repealing a 25-year-old law granting China normal trade relations with the US. Experts warn that this move could lead to a substantial increase in tariffs on Chinese goods, potentially reaching an average of 61 percent. The potential repeal has sparked debate among lawmakers and business leaders, with some arguing it's necessary to address China's unfair trade practices, while others warn of the severe economic consequences.
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China's trade practices have increased the odds that a 25-year-old US law that established free trade with Beijing is repealed, trade experts said, a move that could raise tariffs to 61 percent on average.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.
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