US finalises next China tariff list targeting another US$16 billion in imports
Customs will begin collecting the new duties on 279 product lines, down from 284 items on the initial list, as of August 23
The US government published a list of more Chinese products to be taxed as part of a trade war President Donald Trump started on July 6 to force Beijing to address a record trade imbalance and give US companies easier access to the country’s market.
The latest move by the Office of the US Trade Representative raises the value of Chinese imports facing punitive tariffs to US$50 billion from US$34 billion. The list of 279 additional items includes synthetic plastics and other industrial compounds, finished metal products such as bridge sections, pillars and beams, as well as machine parts, integrated circuits, tractors and agricultural equipment.
The products will be hit with an additional 25 per cent duty starting August 23, the same levy placed on the first tranche of targeted products.
China, which immediately countered USTR’s July 6 move with punitive tariffs on an equivalent amount of US imports, has pledged to match additional tariffs on Chinese goods that Trump has been threatening.
Last week, China’s Ministry of Finance said it would impose tariffs ranging from 5 to 25 per cent on an additional US$60 billion worth of American products, announcing the move in response to Trump’s threat on July 11 to slap duties on US$200 billion of Chinese products, and to raise those tariffs from 10 per cent to 25 per cent.
The two sides appear far from a resolution.