U.S. to Publish Final Tariff-Target List Within ‘Days’

Date: Saturday, August 3, 2019
Source: Bloomburg

The Trump administration plans to publish the final list of Chinese goods that would be subject to a threatened new tariff, with revisions based on pleas by companies, trade groups, manufacturers and retailers to spare their products.

President Donald Trump abruptly escalated his trade war with China on Thursday, announcing that he will impose a 10% tariff on about $300 billion in Chinese imports that aren’t yet subject to U.S. duties on Sept. 1, and that the rate could rise in stages. He complained that China is not buying more agricultural goods as promised, among other grievances.

The Office of U.S. Trade Representative had released a list in May of more than 3,800 import codes for products that would be subject to the tariff, and a finalized list will be published in the Federal Register in the coming days, according to USTR.

More than 300 U.S. company and trade association executives testifiedduring seven days of hearings on the proposed tariffs in June, and hundreds of comments were filed online. While many supported the administration’s efforts to crack down on allegations of Chinese theft of intellectual property and unfair trade practices, most objected to using tariffs as a tool and wanted their products exempted.

Critics of the additional tariffs all complained that a new tax on goods -- even Bibles, fishing gear and fireworks -- would only raise prices for consumers and hurt or cripple their businesses.

 

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