US to impose new 7.5% tariff on Chinese goods

The United States is preparing to impose a new 7.5 percent tariff on Chinese goods, a move designed to address allegations of excess manufacturing capacity while keeping total duties on Beijing's exports at a level consistent with an existing trade truce. According to people familiar with the matter, the tariff is being finalized ahead of a planned summit between President Donald Trump and Chinese President Xi Jinping in Washington on September 24. The new levy would be applied on top of existing tariffs, bringing the cumulative rate on many Chinese products to approximately 20 percent. This level has been previously cited by Beijing as the ceiling agreed upon during trade negotiations.