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The recent hike in the U.S. tariffs on Chinese goods went into effect on Friday, enduring criticism from Beijing as mutual protectionism. The Biden administration confirmed that they would maintain the tariffs imposed on $300 billion worth of Chinese goods from the previous administration after a four-year review. Initially, this decision was expected to be announced by late August but has been delayed until September 13th.
Under these new measures, a wide range of products including solar cells, semiconductors, medical supplies such as masks and surgical gloves are now subjected to 50 percent tariffs compared to the previous rate of 25 percent. Lithium-ion batteries have seen their tariff rates increase from 7.5 to 25 percent.
China’s dominance in electric vehicles now faces quadrupled duties; skyrocketing from an existing tariff rate of 25 percent to a staggering 100 percent.
U.S. Trade Representative Katherine Tai stated that these hikes are targeted at addressing China’s harmful policies and practices that continue negatively impacting American businesses and workers. Meanwhile, Liu Pengyu, spokesperson for the Chinese embassy in the U.S., expressed opposition toward these tariffs deeming them unilateralism and protectionism.
– Explore alternative markets: With the US and China at odds, it may be worth exploring new markets for goods and services. This can help businesses reduce their reliance on the two economic powerhouses.
Trade War Escalates: US Strikes China with Tariffs on World’s No. 2 Economy
In recent news, the trade war between the United States and China has escalated once again, with the US imposing tariffs on China’s goods. This move comes in response to China’s alleged unfair trade practices, and is expected to have a significant impact on the world’s second-largest economy. In this article, we will delve into the details of this development, its potential effects, and what it means for global trade.
The US tariffs on China’s economy have been a point of contention for some time. The newly imposed tariffs amount to $200 billion, covering a wide array of products, from electronics to machinery to textiles. This move is part of the ongoing trade dispute between the two economic powerhouses, with the US accusing China of stealing intellectual property and engaging in unfair trade practices. In response to the US tariffs, China has retaliated with tariffs of its own, targeting US goods.
The impact of these tariffs is expected to be far-reaching. Here are a few key points to consider:
– Increased costs for consumers: With tariffs being imposed on a wide range of goods, consumers can expect to see price hikes on many everyday items. This can have a significant impact on household budgets and overall consumer spending.
– Disruption to global supply chains: The US and China are major players in global supply chains, and disruptions caused by the tariffs can have ripple effects across industries and countries. This can lead to delays in production, increased costs, and potential job losses.
– Uncertainty for businesses: The trade war has created a great deal of uncertainty for businesses, as they struggle to navigate changing trade policies and anticipate the impact on their operations. This can lead to hesitancy in investment and expansion, further dampening economic growth.
– Geopolitical implications: The trade war has broader implications beyond just economic considerations. It can strain diplomatic relations between the US and China, as well as other countries caught in the crossfire. This can have implications for global stability and cooperation.
In light of these potential effects, it’s important for businesses and individuals to stay informed and prepared. Here are a few practical tips for navigating the current trade landscape:
– Stay updated on trade developments: Keep an eye on the latest news and updates regarding the trade war. Being informed can help anticipate and prepare for potential changes.
– Diversify supply chains: Consider diversifying supply chains to mitigate the impact of tariffs and disruptions. This can involve sourcing from
Another contentious issue raised by Liu is related to Section 301 of the U.S. Trade Act of 1974 which allows investigations against trade practices deemed unfair or harmful against United States interests carried out unilaterally by Washington without any input from other nations involved as part of World Trade Organization (WTO) agreements.
This follows a dispute where Trump-era-Section-301-tariffs were found violative when evaluated against WTO-norms such as those related to most-favored-nation principles mandating equal trade treatment for all members or limitations on maximum levels agreed upon previously by parties like US-China before taking more serious offense and imposing higher import expenses with no substantial impact felt.
The Office Of The USTR claimed however that their economic analyses reflect positive impacts on U.S production apparent across ten sectors directly affected by these duties even though it may be countered through existing remedial measures implemented earlier during Trump’s tenure which held little influence over jobs or pricing strategy within her economy according recent reportage
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Author : Jean-Pierre CHALLOT
Publish date : 2024-09-27 09:16:45
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