According to a report coming in from Bloomberg, the Trump administration is getting ready to set in the tariffs on all “remaining Chinese imports”, if the meeting that will take place soon between Donald Trump and Chinese President Xi Jinping does not have the desired outcome.
If the tariffs are set in place, the move could prove to be a huge blow to the companies that have been depending on Chinese-made tech for years.
According to the report, an additional $257 billion in tariffs is being discussed, bringing the total amount of new tariffs imposed this year to the staggering sum of half a trillion dollars.
If Trump does not reach an agreement with Xi, all the prior tariffs on $200 billion in goods would see a rise from 10% to no less than 25% as early as January 1st.
No specifics concerning the meeting between the two Presidents were given but word is that U.S officials are already preparing for the scenario in which the meeting will not result in a positive outcome.
In an interview with Fox News, Trump stated that “I think we will make a great deal with China, and it has to be great because they’ve drained our country.”
Needless to say, no one is expecting this situation to end well for either party involved. Regardless of the dire forecasts, the President still insisted during a rally that took place last week that it will all be well because “we always win.”
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