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US Announces Billions of Dollars in New Import Taxes on China

  • Author:Michelle
  • Source:Sunny Glassware
  • Release on:2018-08-15

United States President Donald Trump has signed an order calling for up to $60 billion in new tariffs on Chinese imports.

The order seeks to punish China for, in his words, the theft of American “intellectual property,” including inventions and research. The action also calls for restrictions on the transfer of technology to China.

Robert Lighthizer is the U.S. Trade Representative. He said that intellectual property is an important part of the trade problem with China.

“Our view is that we have a very serious problem of losing our intellectual property which is really the biggest single advantage of the American economy, in my opinion, is our intellectual property and our ability to generate new intellectual property.”

Trump blamed the trade imbalance between the two countries for the loss of American jobs. He said, “It is the largest deficit of any country in the history of our world.”

China’s trade surplus with the U.S. last year was about $375 billion. Trump said that with the increased tariffs he hopes to cut the trade deficit with China by $100 billion.

The administration said the president will direct the U.S. trade office to publish a list of proposed tariffs for public comment within 15 days. The Treasury Department will also come up with a list of restrictions on Chinese investment.

Ahead of Trump’s announcement, China warned that it will take “all necessary measures” to defend itself. The actions raised the possibility of a trade war between the two biggest economies and sent global stock markets lower.

That wold be a hughe challenge for the China facotry,especially for some industries.  Now we already heard the tax of the candle holders was increased from our clients,Hope this won`t be a big cost to our clients. One the other hand,since this the new policy these months,we should pay more attentation on the H.S code and do not change the code easily or you will be cataught by the customs and the shipement will be delay.