Hey there, world explorers! 🌍
Big changes are brewing between the US and the Chinese mainland, and it's all about tariffs! 📈 On Friday, the US finalized some major tariff hikes on certain products made in the Chinese mainland. These increases were first announced in May, and now they're set to kick in on September 27. Mark your calendars! 📅
So what's getting hit? Brace yourselves: there's a whopping 100% duty on electric vehicles from the Chinese mainland 🚗⚡, a 50% tariff on solar cells ☀️, and 25% on steel, aluminum, electric vehicle batteries, and key minerals 🔋🛠️. That's huge!
But not everyone is thrilled. Industry leaders are raising red flags 🚩. Jason Oxman, President of the Information Technology Industry Council, criticized the US government for ignoring industry concerns. He pointed out that American businesses and consumers have already shouldered a massive $221 billion in costs since tariffs under Section 301 of US trade law were implemented. That's some serious cash! 💸
Over in Shanghai, the American Chamber of Commerce's \"China Business Report 2024\" revealed that 48% of surveyed US companies believe tariffs on goods from the Chinese mainland should be reduced. They think lowering tariffs could help foreign firms operating in China. Makes sense, right? 🤔
Even the International Monetary Fund is chiming in. In a blog post, experts called unilateral tariffs \"wrong solutions\" that boost risks of retaliation, create policy uncertainty, undermine the global trading system, and mess with supply chains. They urged governments to strengthen the rules of the World Trade Organization instead. Sounds like a call for teamwork! 🤝
Back in May, the Chinese mainland responded to the proposed tariffs, opposing unilateral measures that violate WTO rules. They stated they'd take necessary actions to protect their rights.
It's clear this tariff hike is stirring up a lot of buzz. Stay tuned for more updates as this story unfolds! 📺
Reference(s):
U.S. hikes tariffs on Chinese goods amid industry complaints
cgtn.com
