On July 11th, 2018, the U.S. government proposed a 10% tariff on $200 billion worth of Chinese imports. The proposed tariffs will potentially be imposed on 6,031 product lines. It has not yet been decided if it will be imposed or not.
At this time, this is what you need to know:
- This is a retaliatory move to address concerns of intellectual property rights.
- The United States Trade Representative (USTR) will be holding a hearing August 20th to 23rd on the impact these proposed tariffs will have if imposed. In order to appear at the hearing, submission must be made by July 27th which must include a summary of the expected testimony. Written comments can be submitted to the USTR from now until August 17th, 2018.
- A decision on if the additional 10% tariff will be imposed or not is expected to be announced at the end of August, after the hearings.
- This 10% will be in addition to the already imposed 25% tariff on $34 billion worth of goods from China that came into effect on July 6th, 2018. China retaliates with a reciprocal tariff increase on U.S. commodities imported into China.
Free Information Tools
If you want to tackle the proposed tariffs yourself, you can access the entire list here.