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A new duty increase on Chinese goods in the USA will come into force on August 23

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A new duty increase on Chinese goods in the USA will come into force on August 23
August 08
09:00 2018

Today, the US Trade Representative said that in just a couple of weeks, and more specifically on August 23, the volume of dutiable Chinese goods would grow substantially. It has already been calculated that Chinese exports of goods totaling $ 50 billion falls under a 25% tariff.

Official Washington has issued a formal statement that reads about the special investigation conducted in respect of goods entering the United States. So, officials came to the conclusion that China’s acts with regard to intellectual property, innovation and technology were subversive for the United States trading system.

Let us recall that President Donald Trump was the first to propose the idea to impose a 25-percent duty on Chinese exports of goods worth $ 50 billion. Businessmen did not agree with the authorities and the parties came up to a compromise: the volume of goods falling under the increase of duties was reduced to 35 billion US dollars. These goods have been subject to 25% tariff for a month, since July 6.

Such items as tractors, motors, agricultural equipment, as well as motorcycles and components required for the construction of railways fell under the second wave of increasing duties on Chinese goods.

Official Beijing is forced to respond adequately to the goods of American exports. Nevertheless, China’s position is quite clear and does not change with time – Beijing is against the trade war with the United States. Many experts believe that the US policy to protect local products will not lead to anything good. Some even believe that it will only destabilize the market and hit the economy of the United States.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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