The U.S. says it will begin imposing tariffs of 25 percent on an additional $16 billion in Chinese imports, further escalating the trade war between the two countries. The U.S. Trade Representative’s office says Customs will begin collecting the extra duties on 279 different product lines. The list includes a lot of industrial and machinery products. Agricultural machinery is on the list, including tractor pistons, seeders, planters, and irrigation systems. Bloomberg says this will be the second time the U.S. slapped more duties on Chinese imports in a month.
The move comes as American companies complain that the more tariffs will eventually cost them more to do business and raise consumer prices. China has promised to retaliate with another $16 billion in tariffs on U.S. imports. The tariff total could actually increase soon. The U.S. Trade Representative’s Office is looking into the possibility of a ten percent tariff on another $200 billion in Chinese goods. Those duties could be implemented shortly after the comment period ends on September 5th.
Farmers for Free Trade Executive Director Brian Kuehl says he’s unhappy the White House is ratcheting up the trade war. While the tariffs on Chinese goods are set to go into effect in two weeks, he says the President is telling farmers to be patient as prices plummet and their markets are overtaken by foreign competitors. “That’s why with each new tariff announcement, polls show the patience of American farmers wearing thin,” Kuehl says. “Tariffs are causing long-term damage, not just to farming either, but also to American manufacturers and consumers.”
He adds that members of Congress from both parties are hearing from Americans that are angry about tariffs while they’re back in their states and districts. “It’s time to end the trade war before tariffs cause any more economic pain for America’s heartland.”
Source: NAFB News Service