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SMALL BUSINESS NEWS

May 2019

 

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New U.S. - China Tariffs

On May 9, 2019, the U.S. government announced that the tariff rate imposed on the $200 billion list of goods imported from China would be increased to 25% from 10% since May 10, 2019.  This wave of tariffs came because China back peddled on an item that was previously agreed to during the ongoing trade negotiations.

 

The Chinese government reacted by imposing counter tariffs on $60 billion of U.S. products from 5% and 10% to 25%.  The higher duties are scheduled to take effect June 1

 

Chinese tariffs will impact about 5,000 U.S. made products, including beef, fruit, vegetables, coats, refrigerators, furniture aircraft and electric saws.  For the list of products impacted by China’s tariffs see Appendix 2 – Schedule of tariffs on U.S. agricultural products [page 6]

 

 

U.S. tariffs on Chinese products will affect clothes dryers, seafood, carpet, shampoo, hammers, and even gift wrap and dog leashes.

 

 

 Here is a quick breakdown of the tariff imposition timeline:

 

-July 6, 2018: U.S. imposed 25% tariffs on $34 billion of imports of Chinese goods, and China immediately retaliated with tariffs on U.S. exports in the same amount.

 

-August 23, 2018: U.S. imposed 25% tariffs on an additional $16 billion of imports Chinese goods, and China immediately retaliated with tariffs on U.S. exports in the same amount.

 

-September 24, 2018: U.S. imposed tariffs on approximately $200 billion worth of Chinese goods, including many everyday consumer products like electronics and housewares. China again retaliated with tariffs on another $60 billion of American-made products.

 

-May 10, 2019: U.S. increased tariffs on approximately $200 billion worth of Chinese goods from 10% to 25%.

Coming in May 2019: The U.S. is proposing to levy tariffs of 25% on all goods imports from China not yet subjected to Section 301 tariffs (valued at approximately $325 billion).

 

 The aim of the trade negotiations is to get China to agree to stop stealing intellectual properties from U.S. companies, stop forcing technology transfers, open their markets and give U.S. companies the same access to their markets that Chinese companies have to U.S. markets, remove all tariffs and play by the rules.

 

For multinational corporations, farmers and chemical manufacturers China represents a lucrative market and hence they will mostly be impacted by the tariffs.  However, many businesses have begun to look elsewhere for suppliers and manufacturers for their products and to find other markets to expand to.

Sources:
U.S. Trade Representative
U.S. Department of Agriculture (USDA) Foreign Agricultural Service

By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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