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China hit with tariffs on $50 billion worth of goods

Tariffs will include a first tranche affecting about $34 billion worth of goods in 2018 import value to take effect July 6 and a second tranche to undergo a public notice and comment period, the American Shipper says. 

 The U.S. will impose 25 percent tariffs on approximately $50 billion worth of goods from China in 2018 import value, mainly including industrially significant technology products spread across 1,102 U.S. tariff lines, the Office of the U.S. Trade Representative (USTR) announced Friday.15 June 2018.
    “Two sets” of U.S. tariff lines will be covered by the measures, including a first set of 818 lines — totaling $34 billion — of the original 1,333 lines included on a proposed list published on April 6, USTR said.

U.S. Customs and Border Protection will start to collect duties on the first set of products on July 6, USTR said.

 A Chinese Foreign Ministry spokesperson during a Friday press conference vowed that his country would retaliate.
   “If the U.S. takes unilateralist and protectionist moves to harm China’s interests, we will lose no time in responding to that and take necessary measures to firmly safeguard our legitimate interests,” the spokesperson said.

 During a Friday call with reporters, a senior Trump administration official said that any further negative Chinese trade actions against U.S. industry “would be a mistake on their part,” but declined to comment on any Trump plans for potential further remedies.
    The official added that the end goal of the tariffs is not to be punitive, but is to press China to “stop the harm that they are causing to us.”

 

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