China to Levy Retaliatory Tariffs on Another $75B of U.S. Goods

Denise Bode, Partner Michael Best Strategies

The People’s Republic of China has announced that it will move forward with implementing tariffs of as much as 10 percent on $75 billion worth of U.S. products in retaliation for President Trump’s threats to impose new duties on Chinese imports in September.

The Ministry of Finance of the People’s Republic of China said it would raise tariffs on items originating in the U.S. from 5 percent to 10 percent, and the new duties would be implemented in two batches — the first from Sept. 1 and the second from Dec. 15. The duties — announced and then suspended earlier this year — are in response to the U.S. government’s 10 percent tariff on $300 billion worth of Chinese goods.

According to the State Council’s Customs Tariff Commission, the extra tariffs will apply to goods including include soybeans, beef, pork and crude oil.

Office of Trade and Manufacturing Policy Director Peter Navarro, who provides a strong protectionist voice in U.S. trade talks, denied that the announcement caught the White House off guard and downplayed the impact of the latest volley in the high-stakes trade war.

“This was a move that was well-signaled. It’s breaking news I guess, but it was well anticipated,” Navarro said in an interview.

It was not immediately clear if the tariffs announcement would have any impact on the planned trade talks.


Be the first to comment

Leave a Reply

Your email address will not be published.