USTR set to formally approve China tariffs increase soon
by Bloomberg Sep 03, 2024
The office of the US Trade Representative is set to formally approve tariff increases on billions of dollars in Chinese goods in the coming days, paving the way for them to go into effect two weeks later, according to a spokesperson.
The office is set to make a final determination on the proposed increases that President Joe Biden announced in May on products including electric vehicles, semiconductors and batteries to solar cells and critical minerals. The USTR move — considered a formality — had been repeatedly put off, delaying the date the tariffs go into effect.
The determination will mark the culmination of a review of so-called Section 301 tariffs imposed by former President Donald Trump in 2018.
In late July, USTR delayed its decision beyond the end of that month, saying that it needed more time to review more than 1,100 public comments about Biden’s initial tariff announcement. At the time, it said the announcement would come in August.
USTR also said last month that the tariff hikes would take effect about two weeks after it published the final determination. The changes affect about $18 billion in annual imports.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
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