Senate Finance Chairman Chuck Grassley expressed cautious support for President Trump's plan to raise tariffs on more than $500 billion in Chinese goods
Senate Finance Chairman Chuck Grassley on Tuesday expressed cautious support for President Donald Trump's plan to raise tariffs on more than $500 billion in Chinese goods.
Trump also intends to begin steps to impose a 25 percent duty on another $325 billion worth of Chinese goods. If those duties are eventually imposed, that would essentially cover all U.S. imports from the world's second largest economy, given that a 25 percent duty onGrassley said Trump deserved to be "applauded" for being the first president to make tough demands on Beijing to curb trade practices that the U.S. side says disadvantage American companies.
"I urge the Chinese negotiators to bring these talks to a halt, with a successful close, so we can avoid prolonged tariffs, which we know have an impact on the U.S. economy," Grassley said.By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time. Trump's expanded tariff action could boost prices of many everyday consumer items that retailers heavily source from China, such as clothing and consumer electronics. Manufacturers will also pay more for many intermediate goods, like chemicals and parts, which are used to make final goods in the U.S.
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