Some of the biggest names in American footwear have penned a letter to President Donald Trump, asking him to remove shoes from a proposed list of tariffs on China imports. The letter, dated May 20, was posted on the website of the Footwear Distributors and Retailers of America (FDRA), and signed by nearly 200 companies, including Nike Inc., Under Armour Inc., Foot Locker Inc., and Reebok. Trump has said that he’s looking “very strongly” at additional levies of 25% on $325 billion in imported Chinese goods, a list that includes shoes.
U.S. President Donald Trump said on Monday he would meet Chinese President Xi Jinping next month as the trade war between the world’s two largest economies intensified, sending shivers through global markets. China announced earlier it would impose higher tariffs on a range of U.S. goods, including frozen vegetables and liquefied natural gas, a move that followed Washington’s decision last week to hike its own levies on $200 billion in Chinese imports.
The US has more than doubled tariffs on $200bn (£153.7bn) worth of Chinese products, in a sharp escalation of the countries’ damaging trade war. Tariffs on affected Chinese goods have risen to 25% from 10%, and Beijing has vowed to retaliate. China says it “deeply regrets” the move and will have to take “necessary counter-measures.” Only recently, the US and China appeared to be close to ending months of trade tensions. Tariffs are taxes paid by importers on foreign goods, so the 25% tariff will be paid by American companies who bring Chinese goods into the country.
President Donald Trump has announced that the US will delay imposing further trade tariffs on Chinese goods. The rise in import duties on Chinese goods from 10% to 25% was due to come into effect on 1 March. Mr Trump said both sides had made “substantial progress” in trade talks, which sent Chinese stocks up nearly 5%. A report from China’s official news agency Xinhua also noted “substantial progress” on specific issues such as technology transfer, intellectual property protection and agriculture.
U.S. President Donald Trump said on Thursday he will meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal as Trump and his top trade negotiator both cited substantial progress in two days of high-level talks. Trump, speaking at the White House during a meeting with Chinese Vice Premier Liu He, said he was optimistic that the world’s two largest economies could reach “the biggest deal ever made.”
The Chinese government will consider a reduction of tariffs on US cars and trucks in a move which would ease tensions which have damaged the largest global automotive market. The proposal to cut the tariffs from 40% to 15% could be reviewed in the next few days. The deal has not been finalized.
President Donald Trump announced on Twitter that China agreed to ‘reduce and remove’ the 40% tariffs it put on US car imports into China. Stocks increased after the US and China agreed to a temporary trade truce on Saturday. The G20 summit agreement halts the increase in tariffs for 90 days to allow for talks.
Clashes between the US and China caused the Asia-Pacific Economic Cooperation summit to end in failure for the first time in history. The two regional powers were unable to agree on the trade language used in the final document. Papua New Guinea Prime Minister Peter O’Neill said the ‘entire world is worried’ about the tensions.
US tariffs on $34 billion worth of Chinese goods began on Friday prompting China to retaliate by immediately implementing tariffs on some US imports, escalating the trade war. The Trump administration argued the tariffs are necessary to pressure China into abandoning unfair practices. The US may ultimately impose tariffs on Chinese goods worth $500 billion.
President Trump criticized Harley-Davidson on Tuesday, saying the company ‘surrendered’ in the trade war with Europe by shifting production out of the US and warned it will ‘be taxed like never before.’ CEOs from energy companies Chevron and Exxon said on Tuesday they worry the trade war could destabilize the global economy.