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Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
Cars waiting for export at the dock of east China's Jiangsu Province, August 24, 2024. /CFP
The U.S. on Friday finalized tariff hikes on certain Chinese-made products first announced in May amid industry complaints that these increases would disrupt supply chains and businesses.
Many of the tariffs – including a 100 percent duty on Chinese electric vehicles, 50 percent on solar cells and 25 percent on steel, aluminum, electric vehicle batteries and key minerals – will take effect on September 27.
Information Technology Industry Council President Jason Oxman criticized the U.S. government for repeatedly dismissed industry concerns about the impact on economies and supply chains. American businesses and consumers have borne a cumulative cost of $221 billion since the implementation of tariffs under the U.S. trade law's Section 301, the tech trade association said in a statement.
Meanwhile, in the American Chamber of Commerce in Shanghai's "China Business Report 2024" released last week, 48 percent of the surveyed U.S. companies said that tariffs on Chinese goods should be reduced when asked how the U.S. government could support foreign firms in China.
Experts at the International Monetary Fund wrote in a Thursday blog post that unilateral tariffs were among the "wrong solutions" that increase risks of retaliation, policy uncertainty, undermine the multilateral trading system, weaken global supply chains and increase geo-economic fragmentation. They urged governments to strengthen WTO rules and practices.
In May, China responded to the said tariff proposals, saying that it opposes unilaterally imposed tariffs that violate World Trade Organization (WTO) rules and will take necessary actions to protect its rights.