It’s reported that Trump has approved the Section 301 tariffs on USD 50B in Chinese imports and the formal announcement would be made today. That came after a 90-minute meeting with the core team of senior White House officials, national-security officials and senior representatives of the Treasury, Commerce Department, Trade Representative’s Office. The initial proposal include around 1,300 lines of products targeting the “Made in China 2025” plan. But it’s uncertain what changes would be made to the list after public hearing. Also, it’s uncertain when the tariffs will come into effect.
China has pledged retaliation yesterday if the tariffs are enforced. Foreign Minister Wang Yi warned yesterday that China and the US faced a choice between cooperation and confrontation. Wand said “China chooses the first”. But “of course, we have also made preparations to respond to the second kind of choice.”
