US to reveal final list of China imports hit by 25% tariffs by June 15
EPA-EFE / WU HONG US to reveal final list of China imports hit by 25% tariffs by June 15
The United States will reveal a final list of Chinese imports subject to 25% tariffs by June 15, according to a White House press release published on Tuesday. "Under Section 301 of the Trade Act of 1974, the United States will impose a 25 percent tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to the "Made in China 2025" program," the release said.
The report also says the US plans to step up its investment restrictions and enhanced export controls on Beijing by June 30. "To protect our national security, the United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology," the release says. Additionally, the US "will continue to pursue litigation at the World Trade Organization for violations of the Agreement on Trade-Related Aspects of Intellectual Property Rights based on China’s discriminatory practices for licensing intellectual property," the statement adds.?
Back in March, the White House announced that US President Donald Trump is ready to sign an executive memorandum targeting $50 billion worth of Chinese imports including aeronautics, modern rail, new energy vehicles and high-tech products. As the reason behind the punitive measures, the Trump administration cited China's long history of unfair trade practices including intellectual property theft. China subsequently responded by introducing new tariffs on 106 products worth $50 billion from the United States, including a 25% tariff on soybeans.
Breaking the News / FH