The Trump administration plans to move forward in imposing 25 percent tariffs on approximately $50 billion worth of goods in yearly import value from China, the White House announced Tuesday, just over one week after putting its tariff proposal on hold. The tariffs are expected to apply to “industrially significant technology” imports from China, including those related to the “Made in China 2025” program, and will be announced by June 15, with tariffs taking effect “shortly thereafter,” according to the White House statement.
Commerce Secretary Wilbur Ross is scheduled to meet with Chinese officials in Beijing on Saturday to discuss bilateral trade matters, after a Chinese delegation visit to Washington May 17-18 ended with the U.S. temporarily dropping its tariff threat, as stated by Treasury Secretary Steven Mnuchin on cable news. A White House statement following that meeting also indicated that those talks ended with “consensus” on effective measures to reduce the U.S. goods trade deficit with China, including “meaningful increases” in U.S. agriculture and energy exports to the nation.
In addition to the planned imposition of tariffs following an investigation of China’s business practices under Section 301 of the Trade Act of 1974 completed by the executive branch in March, the U.S. plans to implement “enhanced export controls” and “specific investment restrictions” related to China’s acquisition of “industrially significant technology,” the White House Tuesday statement says. Those measures will be announced by June 30 and implemented “shortly thereafter,” the White House said.
Source: American Shipper