US-China Trade War Latest Developments: Markets Wait for Progress Before December 15 Tariffs
On Monday, US President Donald Trump once again remarked that negotiations with China towards the phase one trade deal were going well, even as the deadline for the next tariff hikes is just around the corner. The US is set to implement the next round of tariff hikes on around $156 billion worth of Chinese imports by December 15 in case China does not reach a trade deal with the US in the coming days.
Meanwhile, according to a report in the Financial Times, the Chinese government has enforced all departments to replace foreign computer hardware and software in their offices over the next three years – a move which appears to point towards further escalation of trade tensions. Such a move will likely impact American tech companies like Dell, HP, Apple, Microsoft, and more.
According to recent statistics from free-trade advocacy groups, Tariffs Hurt the Heartland and The Trade Partnership, the US government earned a record high of $7.2 billion in revenues from tariffs on Chinese imports. The revenue generated from hiked tariffs was $1 billion higher than in October 2018.
In case China gets ready for a phase one trade deal with the US before December 15, the next round of tariff hikes can be avoided.
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