90 day tariff ceasefire between US and China

Emailed on Monday,December 3, 2018

Asian and US stocks a way up after US president Donald Trump and its Chinese counterpart Xi Jinping agrees to not impose any new taxes on imports for coming 90 days during G-20 summit in Argentina. 

US has threatened to impose around 25% tariffs on the goods worth $200 billion comes from China. Till date US imposed tariffs on goods worth of $250 billion and in retaliation, China slapped taxes on $110 billion on US imports including Automotive, Aeroplanes, Electronics, Apparels, Food etc.

What is Tariff? Its custom duty collected by a country when Import and export of any items happens and US collected $34 billion in tariffs alone in 2018. 

More tariff on imports  helps “domestic industry” and President Trump’s election agenda to promote “Made In America” and boost employments. But China’s low cost labor (Amazon raised minimum wage to all US workers to $15/Hour) and strong supply chain is still the big obstacles to Mr. Trump.
The cost of Tesla Model 3 in China is increased by 25% and impacted the auto sales of US imported vehicles.

US accused China for “Intellectual theft, China not allowing US tech companies to operate in the country like Google, Facebook” etc.

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