U.S. Trade Representative Holds Hearings on Increased Tariffs against China
Aug 24, 2018
The U.S. Trade Representative (USTR) held a series of public hearings this past week regarding proposed increased tariffs on Chinese-imported goods. The hearings were regarding a proposal to increase tariffs on approximately $200 billion worth of Chinese goods.
In June of this year, the U.S. announced it would be placing tariffs on roughly $34 billion in Chinese-imported goods, effective in July. In response to these tariffs, China announced that it would be imposing a 25% tariff on roughly $50 billion worth of U.S.-imported goods. These new hearings are regarding a new set of tariffs to be imposed following China’s tariffs.
In a press release regarding the hearings, the USTR explained, “The Trump Administration continues to urge China to stop its unfair practices, open its market, and engage in true market competition. We have been very clear about the specific changes China should undertake. Regrettably, instead of changing its harmful behavior, China has illegally retaliated against U.S. workers, farmers, ranchers and businesses.
“The increase in the possible rate of the additional duty is intended to provide the Administration with additional options to encourage China to change its harmful policies and behavior and adopt policies that will lead to fairer markets and prosperity for all of our citizens.”
According to a USTR press release, the proposed tariffs are in response to China’s unfair trade practices related to technology transfer, intellectual property, and innovation, based on the findings in USTR’s investigation of China under Section 301 of the Trade Act of 1974. Their findings are available to view at: https://ustr.gov/sites/default/files/Section%20301%20FINAL.PDF
A full transcript of the hearings will be posted on the official USTR website, found here: https://ustr.gov/