Connect with us

Global

U.S. To Hike Tariffs 25% On $200B Worth Of Chinese Imports

USTR’s announcement is in response to President Trump’s tweet May 5 pledging to increase tariffs due to lack of progress in discussions with China.

Advertisement
Advertisement
Click Here to Read More
Advertisement

The U.S. Trade Representative (USTR) posted a notice on May 8 that the U.S. will raise tariffs on $200 billion worth of imports from 10% to 25%, effective Friday, May 10.

The products subject to the tariff hike are part of the third Section 301 tariff list that was announced in September 2018. New pneumatic radial tires, as well as tire materials, belts and raw materials used in manufacturing, are on that list.

USTR’s announcement is in response to President Trump’s tweet May 5 pledging to increase tariffs due to lack of progress in discussions with China. Chinese Vice Premier Liu was expected to arrive in Washington, D.C., on Thursday to continue trade negotiations.

The notice states that an exclusion process will be established for interested parties to file for products to be excluded from the tariff. As of this week, approximately 1,440 out of more than 13,700 product exclusion requests from the first two tariff lists have been granted, more than 5,000 have been denied and the rest are still pending review, according to the Auto Care Association. The Exclusion Request Form can be found here.

Advertisement

Last October, a 10% tariff on $200 billion worth of Chinese imports, which included tires and tire-related materials, went into effect. The tariff was slated to increase to 25% by the start of 2019, but Trump delayed the increase in March. New passenger, truck and bus radials are on the list as well as ag, construction and mining tires and their retread equivalents. Tire-related materials, including tire cord fabric of various materials and rubber innertubes, chemicals, belts, oils and raw materials also made the list.

Advertisement

New Dates: AMR To Be Held In April 2021

Autoliv Provides Market and Business Update

Cultural Success When Conducting Business In Mexico

Cooper Tire Mexico Plant Restarting Production

Advertisement

POPULAR POSTS

Newsweek Ranks Goodyear Among Greenest Big Companies

Sponsored Content

Why Trucks Are The Future Of The Aftermarket Sweet Spot

Events

Editor’s Note: AMN On Holiday

Legislative

VA Gov. Signs Vehicle Safety Inspection Program Legislation

Connect