On the Hill in D.C. this past Friday, President Trump gave confirmation that the US will move ahead with imposing new tariffs on Chinese manufactured goods. A hot topic as of late, it is the most recent development in the US trade war aimed at international goods. The latest tariffs add approximately 25% duty to about $50 billion of Chinese manufactured goods. This latest round targets China’s unfair trade practices and the goods subject to duty are primarily the relation of American technology and intellectual property.
The announcement comes as a surprise to some, only a few weeks ago President Trump and his team made an announcement that this issuance was suspended. Many expected that the prior action would lead to a de-escalation and more stable discussions surrounding new tariffs. The Office of The United States Trade Representative (USTR) made the official press release Friday (https://ustr.gov/about-us/policy-offices/press-office/press-releases/2018/june/ustr-issues-tariffs-chinese-products). Within the release readers can find the full list of newly tariffed items. New tariffs take effect July 6, 2018.