President Trump has told the USTR to consider 25% duties, rather than just 10%, on $200 billion of Chinese exports as part of the retaliatory process in the section 301 review. That’s driven in part by a desire to force change in Chinese trade policies as well as ensure corporate supply chains are retooled away from China. Many companies have indicated the lower duty rate would just be passed through to consumers. The higher rate also gives flexibility to target fewer than $200 billion of products or deliver the same effect as the President’s threat to target all exports. The largest ind...