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What a week for U.S.-China trade relations! On July 6, the United States began imposing 25 percent tariffs on approximately $34 billion worth of Chinese products imported into the United States. China then retaliated by imposing tariffs of its own on $34 billion worth of U.S. exports to China, which the United States called &ldquo;inappropriate&rdquo; and prompted the United States to announce plans to impose a 25 percent tariff on another $16 billion of Chinese goods. Next, the Office of the U.S. Trade Representative (USTR) indicated that it did not like China&rsquo;s reaction and was considering imposing a 10 percent tariff on an additional $200 billion of imports from China.
To recap:
<ol>
<li>U.S. Customs and Border Protection is now imposing a 25 percent tariff on numerous goods from China;</li>
<li>the USTR is reviewing a supplemental list of Harmonized Tariff Schedule categories to possibly implement a 25 percent tariff on $16 billion worth of Chinese goods &ndash; a <a href="https://www.trumpandtrade.com/2018/06/ustr-announces-section-301-review-process-additional-chinese-products/">hearing on these categories will be held July 24-25</a>; and</li>
<li>the process for submitting comments and participating in <a href="https://www.trumpandtrade.com/2018/07/ustr-proposes-additional-10-percent-tariff-wider-range-chinese-products-subject-ustr-review-public-comment/">another public hearing in late August</a> regarding the proposed 10 percent tariff on the $200 billion worth of Chinese goods has just been announced.</li>
</ol>
If that weren&rsquo;t enough, in testimony before the House Financial Services Committee on Thursday, July 12, Treasury Secretary Stephen Mnuchin was harshly questioned on the administration&rsquo;s wisdom and strategy concerning these tariffs. Mnuchin denied that the United States is in a trade war with anyone, despite the views of other key trading partners. China&rsquo;s Ministry of Commerce, for example, in its strongest <a href="http://english.mofcom.gov.cn/article/newsrelease/significantnews/201807/20180702765653.shtml">statement</a> yet, stated that the United States is &ldquo;not only launching a trade war with China, but also with the whole world, dragging the world economy into danger&rdquo; and becoming &ldquo;an enemy to all.&rdquo;

core/freeform

SmarTrade

Wrap-Up of the Week in Trade Between the United States and China