Mubasher: General Electric (GE), a key importer of Chinese goods, expects that the new duties on Chinese imports could increase its costs to an overall range from $300 million to $400 million.

GE imports roughly $2.9 billion in Chinese goods per annum, accounting for about 10% of its total imported goods, the US conglomerate’s CEO John Flannery told Thomson Reuters on Friday, commenting on the tariffs set up by US President Donald Trump.

The costs of the tariffs “could be $300 to $400 million at a gross level before any mitigating factors,” Flannery said.

It is worth noting that GE on Friday announced its financial results for the second quarter of this year.