Comparing New And Current US Tariffs On Chinese Imports
This week, the U.S. introduced a new series of tariff increases on Chinese imports, amounting to over $18 billion worth of goods.
In the announcement, President Biden said they are aiming to “counter China’s unfair trade practices” by targeting specific sectors where the U.S. is boosting domestic production.
This graphic, via Visual Capitalist’s Kayla Zhu, shows the new and current U.S. tariff rates set on a variety of Chinese imports.
Tariff rates and implementation years for the new rates come from The White House’s May 14 press release announcing the new tariff rate increases. Implementation years for the current rates comes from the Office of the United States Trade Representative (USTR) and United States International Trade Commission (USITC).
Tariff Raises on China Hit EV and Medical Industries
Below, we show the current and new tariff rates, as well as the implementation years for both, for a range of Chinese imports, as of May 14, 2024.
†Current rate for steel and aluminium products and personal protective equipment ranges from 0 to 7.5%.
*Tariffs implemented in 2019 started at 15% and were reduced to 7.5% in January 2020
The U.S. directed many of its new tariff increases on the Chinese EV industry, targeting imports such as semiconductors, lithium-ion batteries, and other battery parts.
Notably, tariffs on electric vehicles from China were bumped to 100% and new tariffs on certain critical minerals, which are essential for manufacturing battery parts and semiconductors, were introduced.
Medical-related products, such as medical and surgical gloves and certain personal protective equipment like face masks were also impacted by the new tariff increases. Some of these items were previously granted exclusions from Section 301 tariffs due to COVID-19.
Syringes and needles, which were previously not subjected to any tariffs, were also hit with a new 50% tariff.
Section 301 Tariffs Still Going Strong
Tariffs are taxes imposed by a country on imported goods, increasing their price to protect domestic industries, regulate trade, or generate revenue for the government.
These new tariff actions were introduced under Section 301, a provision that allows the U.S. government to investigate and respond to unfair trade practices by foreign countries.
Section 301 tariffs on Chinese goods were first introduced by former President Donald Trump in 2018, which sparked retaliatory tariffs on China and set off a years-long trade war between the two countries.
Currently, Section 301 tariffs apply to over $300 billion worth of Chinese imports.
Tyler Durden Sun, 05/19/2024 – 22:10
Source: https://freedombunker.com/2024/05/19/comparing-new-and-current-us-tariffs-on-chinese-imports/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Lion’s Mane Mushroom
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, But it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes:
Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity.
Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins.
Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system.
Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome.
Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function.
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules. Today Be 100% Satisfied Or Receive A Full Money Back Guarantee Order Yours Today By Following This Link.