There is more news to report regarding our evolving trade war with China. Just as a reminder, “List 1” of 25% additional tariffs (on $34 billion of trade) took effect on July 6th. Last Thursday I sent the email below regarding “List 3” ($200 billion value), which could be implemented in September. Last night the USTR confirmed that August 23rd will be the effective date for “List 2”, estimated at $16 billion value. There were initially 284 tariff subheadings on the proposed list. After almost two months of comments and hearings, just five tariff subheadings were removed from the final confirmed list: 3913.10.00, 8465.96.00, 8609.00.00, 8905.90.10 and 9027.90.20.
A few hours ago China announced retaliation against a similar amount of U.S. products.
Here are some links for further info:
Time/Bloomberg article: http://time.com/5360461/us-tariffs-china-billions-trade-war/
Reuters article on Chinese retaliation: https://www.reuters.com/article/us-usa-trade-china/chinese-exports-accelerate-even-as-trump-escalates-trade-war-idUSKBN1KT0EP
We should watch out for a CSMS with further details of the implementation, including whether List 2 will fall under the same Chapter 99 number as List 1 (9903.88.01). I’m guessing that it will.
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