Fongming Cable:U.S. announces exemption from tariffs on 352 Chinese imports, covering industrial parts, auto parts and chemicals

Views: 0     Author: Site Editor     Publish Time: 2022-03-25      Origin: Site

The Office of the U.S. Trade Representative said in an announcement that tariff exemptions for some Chinese imports have been restored in response to the so-called "Section 301" tariffs imposed on China. At the same time, the latest US consumer price index (CPI) in February rose 7.9% year-on-year, hitting a 40-year high. Among them, the core inflation rate rose by 6.4%, which shows that the current US prices are rising across the board.

Former U.S. President Donald Trump had imposed punitive tariffs of 7.5% to 25% on $370 billion worth of Chinese imports, but the tariff exemptions covered 352 Chinese imports.

While the exemptions are fewer than the 549 previously considered, they still cover everything from industrial components such as pumps and electric motors, certain auto parts and chemicals, to backpacks, bicycles, vacuum cleaners and other consumer products, according to Reuters. This round of exemption applies to goods imported from China between October 12, 2021 and December 31, 2022.

The announcement said today's decision was the result of a comprehensive public consultation and consultation with other relevant U.S. agencies. In October last year, the USTR announced that it planned to re-exempt tariffs on 549 Chinese imports and was seeking public comment.

At present, the United States is facing severe inflationary pressure, and there have long been calls for lowering tariffs on China.

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