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U.S. to impose tariffs on China starting Aug. 1

published: 2024-05-24 17:27

The U.S. announced that it will impose tariffs on Chinese electric vehicles, batteries and chips starting August 1st.

According to Singapore's Lianhe Zaobao website reported on May 23, the Office of the U.S. Trade Representative (USTR) said on May 22 that the U.S. imposed tariffs on a range of Chinese imports, including electric vehicles, lithium batteries, photovoltaic cells, critical minerals, semiconductors, steel and aluminum, port cranes, and that some of the measures would go into effect on August 1st.

The White House has announced that it will impose tariffs on $18 billion worth of Chinese imports, with the tariff rate on solar cells (whether assembled into modules or not) imported from China set to double from 25% to 50% in 2024, a continuation of the 301 tariffs (tariffs introduced during the Trump era to specifically target Chinese imports) increase.

USTR said on May 22 that the 30-day period used to solicit public comments will end on June 28th. They are seeking comments on the impact on the U.S. economy, including consumers, of the tariff increases proposed recently.

Additionally, USTR said that it “proposes to exempt from tariffs hundreds of industrial machinery-type products imported from China, including solar product manufacturing equipment,” and that USTR will provide details on how companies can apply for exemptions from tariffs on machinery and equipment in a separate notice, and that exemptions from the new tariffs on Chinese goods will remain in place until May 31, 2025 .

On May 14, the U.S. side released the results of the four-year review of the 301 tariff increase on China, announcing that on the basis of the original 301 tariffs on China, it would further increase the tariffs on imports of electric vehicles, lithium batteries, photovoltaic cells, critical minerals, semiconductors, steel and aluminum, port cranes and personal protective equipment and other products from China. China expressed its firm opposition and made solemn representations.

In response to the protectionist measures of the U.S. and Europe, China is deeply dissatisfied and has warned that it will take strong countermeasures, the report said.

Chinese Foreign Ministry spokesman Wang Wenbin emphasized last week that the United States continues to politicize economic and trade issues and further increase tariffs on China, which is adding insult to injury and will only significantly push up the cost of imported goods, causing American businesses and consumers to bear more losses and making American consumers pay a greater price. The protectionist initiatives of the United States side will also cause greater damage to the security and stability of the global supply chain.

Wang Wenbin said China urges the U.S. side to effectively comply with WTO rules and immediately cancel the tariff increase measures against China. China will take all necessary measures to defend its rights and interests.

Source: https://mp.weixin.qq.com/s/YXqtyWaqH3t6fYMWM2ErFg

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