Latest news with #import duties
CTV News
11-08-2025
- Business
- CTV News
A pause on higher tariffs for China is due to expire Tuesday. Here's what to know.
TAIPEI, Taiwan — A 90-day pause on imposing higher tariffs on China is due to expire on Tuesday and it is unclear if it will be extended. After the most recent round of China-U.S. trade talks, held late last month in Stockholm, Chinese and U.S. officials said they expected the deadline to be extended for another 90 days. The U.S. side said the decision was up to President Donald Trump. So far there has been no formal announcement about whether he will endorse an extension or push ahead with the higher tariffs. The uncertainty has left businesses in limbo and a decision to raise the import duties could jolt world markets. Silence from Washington and Beijing Trump has repeatedly shifted deadlines and tariff rates, and neither side has indicated what it plans for Tuesday. Extending the Aug. 12 deadline for reaching a trade agreement with China would forestall earlier threats of tariffs of up to 245%. Treasury Secretary Scott Bessent said Trump was deciding about another 90-day delay to allow time to work out details of an agreement setting tariffs on most products at 50%, including extra import duties related to illicit trade in the powerful opiate fentanyl. Higher tariffs are aimed at offsetting the huge, chronic U.S. trade deficit with China, which hit a 21-year low in July as the threat of tariffs bit into Chinese exports. It's not unusual for the U.S. to give hints on where talks stand, but it's rare for China to make announcements until major decisions are set. China resisted cutting an early bargain Prohibitively high tariffs on Chinese exports to the United States would put huge pressure on Beijing at a time when the Chinese economy, the world's second largest, is still recovering from a prolonged downturn in its property market. Lingering effects of the COVID-19 pandemic have left around 200 million of its workers reliant on 'gig work,' crimping the job market. Higher import taxes on small parcels from China have also hurt smaller factories and layoffs have accelerated, But the U.S. relies heavily on imports from China for all sorts of products, from household goods and clothing to wind turbines, basic computer chips, electric vehicle batteries and the rare earths needed to make them. That gives Beijing some powerful leverage in the negotiations with Washington. Even with higher tariffs, China remains competitive for many products. And its leaders are aware that the U.S. economy is only just beginning to feel the effects of higher prices from Trump's broad tariff hikes. For now, imports from China are subject to a 10% baseline tariff and a 20% extra tariff related to the fentanyl issue. Some products are taxed at higher rates. U.S. exports to China are subject to tariffs of around 30%. Before the two sides called a truce, Trump had threatened to impose 245% import duties on Chinese goods. China retaliated by saying it would hike its tariff on U.S. products to 125%. Much is at stake A trade war between the world's two largest economies has ramifications across the global economy, affecting industrial supply chains, demand for commodities like copper and oil and geopolitical issues such as the war in Ukraine. After a phone call with Chinese leader Xi Jinping in June, Trump said he hoped to meet with Xi later this year. That's an incentive for striking a deal with Beijing. If the two sides fail to keep their truce, trade tensions could escalate and tariffs might rise to even higher levels, inflicting still more pain on both economies and rattling world markets. Businesses would refrain from making investment commitments and hiring, while inflation would surge higher. Companies are in an 'extended wait-and-see mode,' Oxford Economics said in a recent report. Christopher Bodeen, The Associated Press
Yahoo
11-08-2025
- Business
- Yahoo
A pause on higher tariffs for China is due to expire Tuesday. Here's what to know.
TAIPEI, Taiwan (AP) — A 90-day pause on imposing higher tariffs on China is due to expire on Tuesday and it is unclear if it will be extended. After the most recent round of China-U.S. trade talks, held late last month in Stockholm, Chinese and U.S. officials said they expected the deadline to be extended for another 90 days. The U.S. side said the decision was up to President Donald Trump. So far there has been no formal announcement about whether he will endorse an extension or push ahead with the higher tariffs. The uncertainty has left businesses in limbo and a decision to raise the import duties could jolt world markets. SILENCE FROM WASHINGTON AND BEIJING Trump has repeatedly shifted deadlines and tariff rates, and neither side has indicated what it plans for Tuesday. Extending the Aug. 12 deadline for reaching a trade agreement with China would forestall earlier threats of tariffs of up to 245%. Treasury Secretary Scott Bessent said Trump was deciding about another 90-day delay to allow time to work out details of an agreement setting tariffs on most products at 50%, including extra import duties related to illicit trade in the powerful opiate fentanyl. Higher tariffs are aimed at offsetting the huge, chronic U.S. trade deficit with China, which hit a 21-year low in July as the threat of tariffs bit into Chinese exports. It's not unusual for the U.S. to give hints on where talks stand, but it's rare for China to make announcements until major decisions are set. CHINA RESISTED CUTTING AN EARLY BARGAIN Prohibitively high tariffs on Chinese exports to the United States would put huge pressure on Beijing at a time when the Chinese economy, the world's second largest, is still recovering from a prolonged downturn in its property market. Lingering effects of the COVID-19 pandemic have left around 200 million of its workers reliant on 'gig work,' crimping the job market. Higher import taxes on small parcels from China have also hurt smaller factories and layoffs have accelerated, But the U.S. relies heavily on imports from China for all sorts of products, from household goods and clothing to wind turbines, basic computer chips, electric vehicle batteries and the rare earths needed to make them. That gives Beijing some powerful leverage in the negotiations with Washington. Even with higher tariffs, China remains competitive for many products. And its leaders are aware that the U.S. economy is only just beginning to feel the effects of higher prices from Trump's broad tariff hikes. For now, imports from China are subject to a 10% baseline tariff and a 20% extra tariff related to the fentanyl issue. Some products are taxed at higher rates. U.S. exports to China are subject to tariffs of around 30%. Before the two sides called a truce, Trump had threatened to impose 245% import duties on Chinese goods. China retaliated by saying it would hike its tariff on U.S. products to 125%. MUCH IS AT STAKE A trade war between the world's two largest economies has ramifications across the global economy, affecting industrial supply chains, demand for commodities like copper and oil and geopolitical issues such as the war in Ukraine. After a phone call with Chinese leader Xi Jinping in June, Trump said he hoped to meet with Xi later this year. That's an incentive for striking a deal with Beijing. If the two sides fail to keep their truce, trade tensions could escalate and tariffs might rise to even higher levels, inflicting still more pain on both economies and rattling world markets. Businesses would refrain from making investment commitments and hiring, while inflation would surge higher. Companies are in an 'extended wait-and-see mode,' Oxford Economics said in a recent report. Christopher Bodeen, The Associated Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Associated Press
11-08-2025
- Business
- Associated Press
A pause on higher tariffs for China is due to expire Tuesday. Here's what to know.
TAIPEI, Taiwan (AP) — A 90-day pause on imposing higher tariffs on China is due to expire on Tuesday and it is unclear if it will be extended. After the most recent round of China-U.S. trade talks, held late last month in Stockholm, Chinese and U.S. officials said they expected the deadline to be extended for another 90 days. The U.S. side said the decision was up to President Donald Trump. So far there has been no formal announcement about whether he will endorse an extension or push ahead with the higher tariffs. The uncertainty has left businesses in limbo and a decision to raise the import duties could jolt world markets. SILENCE FROM WASHINGTON AND BEIJING Trump has repeatedly shifted deadlines and tariff rates, and neither side has indicated what it plans for Tuesday. Extending the Aug. 12 deadline for reaching a trade agreement with China would forestall earlier threats of tariffs of up to 245%. Treasury Secretary Scott Bessent said Trump was deciding about another 90-day delay to allow time to work out details of an agreement setting tariffs on most products at 50%, including extra import duties related to illicit trade in the powerful opiate fentanyl. Higher tariffs are aimed at offsetting the huge, chronic U.S. trade deficit with China, which hit a 21-year low in July as the threat of tariffs bit into Chinese exports. It's not unusual for the U.S. to give hints on where talks stand, but it's rare for China to make announcements until major decisions are set. CHINA RESISTED CUTTING AN EARLY BARGAIN Prohibitively high tariffs on Chinese exports to the United States would put huge pressure on Beijing at a time when the Chinese economy, the world's second largest, is still recovering from a prolonged downturn in its property market. Lingering effects of the COVID-19 pandemic have left around 200 million of its workers reliant on 'gig work,' crimping the job market. Higher import taxes on small parcels from China have also hurt smaller factories and layoffs have accelerated, But the U.S. relies heavily on imports from China for all sorts of products, from household goods and clothing to wind turbines, basic computer chips, electric vehicle batteries and the rare earths needed to make them. That gives Beijing some powerful leverage in the negotiations with Washington. Even with higher tariffs, China remains competitive for many products. And its leaders are aware that the U.S. economy is only just beginning to feel the effects of higher prices from Trump's broad tariff hikes. For now, imports from China are subject to a 10% baseline tariff and a 20% extra tariff related to the fentanyl issue. Some products are taxed at higher rates. U.S. exports to China are subject to tariffs of around 30%. Before the two sides called a truce, Trump had threatened to impose 245% import duties on Chinese goods. China retaliated by saying it would hike its tariff on U.S. products to 125%. MUCH IS AT STAKE A trade war between the world's two largest economies has ramifications across the global economy, affecting industrial supply chains, demand for commodities like copper and oil and geopolitical issues such as the war in Ukraine. After a phone call with Chinese leader Xi Jinping in June, Trump said he hoped to meet with Xi later this year. That's an incentive for striking a deal with Beijing. If the two sides fail to keep their truce, trade tensions could escalate and tariffs might rise to even higher levels, inflicting still more pain on both economies and rattling world markets. Businesses would refrain from making investment commitments and hiring, while inflation would surge higher. Companies are in an 'extended wait-and-see mode,' Oxford Economics said in a recent report.
The Guardian
31-07-2025
- Business
- The Guardian
Trump extends deadline for tariff deal with Mexico by another 90 days
Donald Trump has extended the deadline for a tariff deal with Mexico by another 90 days, fuelling speculation he could announce pauses for dozens of other countries that face punitive higher import duties from Friday. As the countdown continues to his deadline for a trade deal – already extended by four weeks from the original 90 days – the US president said he had made the decision to offer more time to Mexico because of the complexities of the trading relationship. He wrote on social media: 'We will be talking to Mexico over the next 90 Days with the goal of signing a Trade Deal somewhere within the 90 Day period of time, or longer.' A little more than two weeks ago Trump threatened the EU and Mexico with tariffs of 30% on most exports to the US, but last Sunday he concluded a deal with Brussels with a 15% baseline rate from 1 August. Writing on his Truth Social platform, Trump said: 'I have just concluded a telephone conversation with the President of Mexico, Claudia Sheinbaum, which was very successful in that, more and more, we are getting to know and understand each other. 'The complexities of a Deal with Mexico are somewhat different than other Nations because of both the problems, and assets, of the Border. 'We have agreed to extend, for a 90 Day period, the exact same Deal as we had for the last short period of time, namely, that Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper.' He said Mexico had agreed to 'immediately terminate its Non Tariff Trade Barriers, of which there were many' although he did not specify which. Non-tariff barriers can range from complex paperwork to trading standards and food regulations. Dozens of other countries that have not signed a trade deal with the US are facing punitive tariffs from Friday including some of the world's poorest such as Lesotho, Bangladesh and Nepal, and the world's richest including Canada and Taiwan. Agreements have only been reached with eight of the 60 countries Trump said in April he would impose punitive 'reciprocal' tariffs on in retribution for what he described as years of looting, pillaging and scavenging of the US, announcing what he called 'liberation day'. China faces a separate deadline of 12 August, with an extension agreed in principle but yet to be approved by the White House. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The US Treasury secretary, Scott Bessent, said on Thursday that a deal with Beijing was 'close', while Trump claimed last week that one with Australia was not far off. Other large trading partners still in Trump's crosshairs include Brazil, which has been threatened with a 50% tariff if it does not end what Trump contends is a 'witch-hunt' agains its former president, Jair Bolsonaro; and Canada, which is facing a 35% tariff tomorrow. Earlier this week the Canadian prime minister, Mark Carney, said it was possible a trade deal might not be concluded by 1 August, but on Thursday Trump linked its chances of a deal to its position on Palestine. He took to his social media platform just after midnight Washington time to say a deal could be scuppered. 'Wow! Canada has just announced that it is backing statehood for Palestine,' he said on Truth Social. 'That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!'
CBS News
31-07-2025
- Business
- CBS News
Trump says he's extended the tariff deadline for Mexico by 90 days
President Trump on Thursday said he's giving Mexico an additional 90 days to strike a trade deal, with the announcement coming a day before his administration's Aug. 1 deadline to impose 30% tariffs on imports from the nation. Mr. Trump had said earlier this month that the 30% import duties would begin on Friday for Mexican imports, saying at the time that the country had not done enough to stop North America from turning into a "Narco-Trafficking Playground." In his Thursday social media post, the president said he agreed to a 90-day extension during a phone conversation with Mexico President Claudia Sheinbaum, which he described as "very successsful." "We will be talking to Mexico over the next 90 Days with the goal of signing a Trade Deal somewhere within the 90 Day period of time, or longer," he wrote. He added that the "exact same Deal as we had" with Mexico will be extended during that time, which he said includes a "a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper." —This is breaking news and will be updated.
