U.S. Puts Tariffs on $200 Billion in Chinese Imports
From U.S. Chamber International Affairs Division (edited for length)
The White House on September 24 followed through on plans to impose tariffs on roughly $200 billion of imports from China. The move quintuples to approximately $250 billion the volume of imports from China subjected to Section 301 tariffs since July. China immediately retaliated with tariffs on $60 billion of U.S. exports.
The latest wave of U.S. tariffs was set at 10% until the end of the year. On January 1, 2019, the tariffs will rise to 25% barring new developments. The Trump Administration declared that the United States will apply tariffs on approximately $267 billion of additional imports from China — that is, all merchandise imports from China not already subjected to Section 301 tariffs — if Beijing takes retaliatory action.
In response to these developments, U.S. Chamber President and CEO Thomas J. Donohue issued the following statement:
“The U.S. economy runs on pro-growth policies, but that’s not what tariffs on $200 billion worth of Chinese goods deliver. The administration has serious issues to resolve with China on market access, unfair subsidies, technology theft, and cybersecurity. But there are less harmful ways to truly achieve free and fair trade with China. Today’s decision makes clear that the administration did not heed the numerous warnings from American consumers and businesses about rising costs and lost jobs on Main Street, in factories, and on farms and ranches across the country. Both countries should stay at the negotiating table, and the U.S. should continue working with its allies to seek alternative solutions.”