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The U.S. Extends Tariff Increase On China
· 06.09.2022 · 02:00:00 ··· Dienstag ⭐ 9 🎬 73
📺 SOH News
The Biden administration will extend Trump-era tariffs on Chinese merchandise imports while it reviews the need for the duties.
According to Section 301 of the Trade Act of 1974, the tariffs will expire automatically after four years, but can be extended if the US Trade Representative’s office receives a request from domestic industries that benefited.
The additional duties on Chinese imports was initiated by former US President Donald Trump in 2018. The duties cover goods including industrial inputs such as microchips and chemicals, and consumer merchandise such as apparel and furniture, according to Bloomberg. In total, the US sanctioned Chinese imports were worth US$300 billion as of 2019, creating a “massive” trade deficit. China called it “unfair”.
· 06.09.2022 · 02:00:00 ··· Dienstag
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