Secretary of Commerce Wilbur Ross stated that the U.S. will not hold back on increasing tariffs on Chinese imports if both countries are unable to make a trade deal by Dec. 15. The U.S. currently has tariffs on over $350 billion worth of goods from China.
“If nothing happens between now and then, the president has made quite clear he’ll put the tariffs in – the increased tariffs," Ross told FOX Business' Stuart Varney. China requested that the U.S. roll back all tariffs imposed on them before they sign on to President Donald Trump’s “phase one” agreement, which the president said he wouldn’t do.
Ross told Varney that the U.S. is at an economic advantage to threaten more tariffs on China, saying that China’s supply chain is deteriorating and that they face decreasing consumer confidence.
"We have a very strong economy and they have lots of problems," Ross said.
The commerce secretary added that placing tariffs on $156 billion of Chinese goods after the Dec. 15 deadline won’t “interfere with this year’s Christmas" as stores have already stocked up on goods.
Throughout the course of these trade negotiations, MEMA has discouraged the use of tariffs because of the effects they have on economic certainty for the motor vehicle parts supplier industry. MEMA has called for an agreement that will allow U.S. companies to remain competitive in a global marketplace while protecting intellectual property (IP) rights. MEMA supports bilateral engagement, where China and the U.S. work together to protect the valuable IP of our members. Detailed information about tariffs as well as other recent trade actions can be found on the MEMA Trade Resources Page.