US Announces Latest China Tariffs
The United States Trade Representative (USTR) has finalised tariffs on almost $16 billion worth of Chinese imports, in response to what it insists are “unfair trade practices”.
The list of products subject to duties, which range from electrical components to plastic tubes and chemicals, contains 279 out of the original 284 originally proposed on the 15 June.
It is the second round of tariffs the US has placed on China this month.
Levies worth $34 billion came into effect on 6 July.
They followed the first round of tariffs in March 2018 on imports of Chinese steel and aluminium, which prompted a like-for-like tariff on the US.
The US will start taking duties of 25% on 23 August, and more could be on the way as the USTR considers $200 billion worth of tariffs on Chinese goods, due to come into force on September 6, 2018.
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The currently proposed charge is 10%, but it could increase to 25% once a consultation period ends.
In a statement, the USTR said: “The Office of the United States Trade Representative (USTR) today released a list of approximately $16 billion worth of imports from China that will be subject to a 25 percent additional tariff as part of the U.S. response to China’s unfair trade practices related to the forced transfer of American technology and intellectual property.
“This second tranche of additional tariffs under Section 301 follows the first tranche of tariffs on approximately $34 billion of imports from China, which went into effect on July 6.”
Analysts have warned of the effect the US-China trade war might have.
Shipping consultancy Drewry have predicted the container shipping industry could lose as much as 1.8 million TEU, a contraction in global trade of 1%.