Daily Management Review

$16 Billion Worth Of Chinese Products In 2nd Round Of Trump Tariffs


08/09/2018




$16 Billion Worth Of Chinese Products In 2nd Round Of Trump Tariffs
Announcement of fresh import tariffs on another round of Chinese products worth about $16 billion was announced by the United States on Wednesday.
 
The latest round of tariffs marks the fulfillment of threat by United States President Donald Trump that he made in June of imposing 25 per cent tariffs on Chinese goods worth $50 billion.  the first round of tariffs on Chinese products were implemented on July 6 and the total of the Chinese goods taxed then was $34 billion. The second round of tariffs would come into effect from August 23.
 
279 products have bene placed on the list for the second round of tariffs on Chinese products as showed in a list published by the U.S. Trade Representative’s office.
 
There are clear signals from the latest round of tariffs that the US administration is willing to go all the way to adhere to its threat of tariffs on Chinese products as well as for other countries and trading partners as well. The US administration has removed only 5 products from the list of 284 items that it had put up while threatening to impose new tariffs on them in June.
 
This degree of consistency that the Trump administration is showing in adhering to its threat is also a warning for China that it should pay serious attention to the threats by the same administration of imposing 10 per cent tariffs on Chinese goods worth $200 billion. Similar to the list that was finalized for the tariffs that were imposed on July 6, the latest list for tariffs also mainly focus on raw materials imported from China that are used for manufacturing instead of finished consumer products. There would be a significant hit to the consumer goods market if the $200 billion in threatened tariffs were to go into effect.
 
After months of a trade war, there is a weariness among U.S. businesses, many of which had severely objected to imposition of tariffs. There would be long-term effects on farmers, manufacturers, and consumers, the US administration has been warned by US industry groups. on the other hand, the Semiconductor Industry Association said that it was “disappointed and puzzled” that the products that they manufacture in the US was listed in the tariff list that was released on Tuesday. 
 
A TV manufacturing plant in South Carolina was forced to cut back to a skeleton crew which is the latest casualty that happened on the very day that the new list of goods for tariffs was announced, according to reports in the US media. Earlier, a warning from the U.S. Chamber of Commerce said that the tariffs on Chinese goods as imposed by the Trump administration could lead to a total job loss of about 2.6 million in the United States.
 
(Source:www.fortune.com)






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