Reports from Chinese economic and trade organizations, and international trade bodies

Trump Proposes 38% Tariffs on Chinese Imports Next Year, Potentially Cutting China's Growth by 1%

Nov 20, 2024, 08:53 AM

President-elect Donald Trump has outlined an aggressive tariff strategy, proposing a blanket tariff of 10% to 20% on all imports and extra tariffs ranging from 60% to 100% on goods imported from China. These measures are part of Trump's economic agenda, aiming to protect American industries from foreign competition. Economists polled by Reuters expect Trump to impose nearly 40% tariffs on Chinese goods early next year, which could reduce China's economic growth by up to 1 percentage point in 2025. In response, China is likely to introduce more stimulus measures to mitigate the impact of these tariffs. Economists are also divided on the impact of Trump's proposed tariffs on the UK economy, with many corporate executives raising concerns about the potential effect on inflation.