US Announces Latest China Tariffs


Its comments came after China slapped additional tariffs of 25 percent on $16 billion worth of US imports of fuel and steel products late on Wednesday.

But a US-Mexico arrangement is expected to lead to the end of US tariffs on steel and aluminum from Mexico as well as retaliatory Mexican tariffs that hurt American farmers' south-of-the-border sales, said Dan Ujczo, a trade lawyer with Dickinson Wright.

Beijing has released an additional list of $60 billion worth of U.S. products it would start taxing if the White House proceeds with the further escalation.

Tuesday's announcement was not a surprise.

A stalemate appears the most likely endgame, with new US and Chinese tariffs staying in place for months or even years. After receiving public feedback, it cut 515 products from the list in June and added 284.

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Beijing has warned that its exporters face "rising instabilities" after Washington imposed 25 percent duties on $34 billion of Chinese goods last month in response to complaints that China steals technology or pressures foreign companies to hand it over. The Chinese FDA (CFDA) proposed the provision of conditional approval for the urgently needed therapies and orphan drugs, along with market access benefits for new drugs. On Tuesday, the administration said it had made a decision to go ahead with tariffs on 279 of the 284 items added in June; they're worth about $16 billion a year. "Of course, China will retaliate, probably dollar for dollar", Hufbauer said. The tariffs will be activated on August 23, the ministry said, the same day that the USA plans to begin collecting 25%extra in tariffs on $16 billion in Chinese goods.

Trump, who has boasted that trade wars are "easy to win", has threatened to ramp up the pressure and slap tariffs on virtually all of China's exports to the United States if Beijing does not back down and take steps to reduce the $335 billion U.S. trade deficit with that country. The bad news is the trade war fears in China are escalating.

Companies are already adjusting to the new trade barriers, and shifting supply chains away from China. Today's topics include China tariffs, Tesla, the Chris Collins indictment, Warren Buffett's bets, and more of the day's top stories. In MSI's view, early indications from US ports and bills of lading processing suggest that June import volumes surged, perhaps suggesting panic-buying as the trade war scenario worsened.

Tariffs are taxes on imports. -China tariff war as both sides dig into entrenched positions.

As Upstream went to press, the ministry announced a 25% tariff on a $16 billion-worth of U.S. goods including crude oil.

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Scrap recyclables exported to China are a big business. They criticize Trump's tactics but share US complaints about Chinese industrial policy and market barriers.

Announcement will make it harder for OR recycling sector to export metals, plastic and paper to China.

The potential global impact of the escalating U.S. trade war has been highlighted in a report issued this week by Oxford Economics before the latest measures were announced.

The US is a leading pharmaceutical market, with aggregate spending valued at $467 billion during 2017, and estimated to increase to over $600 billion by 2022.

Administration officials believe that the US$505b Americans spend on Chinese products each year gives them leverage over China.

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