China to Retaliate with Tariffs on $75 billion more of US goods
China announced Friday that it will impose new tariffs on $75 billion worth of U.S. goods, including soybeans, automobiles, and oil. This is seemingly in retaliation to the United States Trade Representative’s (USTR) recent announcement regarding Section 301 List 4A and List 4B tariffs on Chinese products.
The newly impose tariffs from China will range from 5 to 10 percent and will go into effect on the same effective days as U.S. Lists 4A and 4B, September 1st and December 15th. Earlier this month, the U.S. administration announced a 10% tariff on $300 billion in Chinese goods. Shortly after, some of those tariffs were delayed as to avoid an impact on the holiday shopping season.
The U.S. and China are slated to resume face-to-face negotiations in September. With both economies showing signs of slowing, including China’s economic production hitting a 27-year low, negotiators are hopeful for compromise.
Trans-Border will continue to monitor the situation. If you have any questions, please reach out to Bill Carey, Import Compliance Manager, at bcarey@tbgfs.com or (800) 493-9444.
