Trump’s China tariffs near $100B mark

[The_King]

TRUMP’S CHINA TARIFFS NEAR $100 BILLION MARK: Trump’s trade war with China has racked up nearly $100 billion in duties over the past three years, even though the rate of collections has slowed as companies switched to other foreign suppliers, new figures from U.S. Customs and Border Protection show.

As of Wednesday, CBP had collected about $96.4 billion in tariffs that Trump imposed on more than $350 billion worth of Chinese goods. That dwarfs the $10.9 billion CBP has collected from Trump’s steel and aluminum tariffs by a ratio of nearly 10 to one.

Trump’s duties on an initial batch of $34 billion worth of Chinese goods went into force on July 6, 2018, followed by duties on another $16 billion shortly afterward. When China retaliated, Trump kept raising the stakes by hitting more goods.

A broad coalition of business groups has pressed the Biden administration to lift the tariffs, saying they have raised costs for American consumers, contributed to a slowdown in American manufacturing and made U.S. companies less competitive internationally.

In lieu of an immediate removal, they are also asking Tai to reinstate the process for companies to request “exclusions” from the tariffs for certain goods. The Senate recently approved a packet of amendments directing USTR to take that step, and the business community is pressing the House to take similar action.

THE MYSTERY SURROUNDING TAI’S TOP-TO-BOTTOM CHINA REVIEW: Tai told Senate appropriators in April that she planned to look at the issue of tariff exclusions as part of USTR’s top-to-bottom review of trade relations with China. Asked then how long the unstarted review would take, Tai said she was unsure but, “I do know that time is of the essence.”

The following month, Tai promised the Senate Finance Committee the review would include “a robust engagement process” where companies can “tell us exactly what their concerns are, and what their plans are so that we can take them into account.”

At the time, a USTR official said Tai was referring to plans to hold a public comment period. But two months later, the agency has not initiated any such effort.

Members of the New Democrat Coalition pressed Tai last week on when the review would be complete and were asked for “more patience,” said Rep. Suzan DelBene (D-Wash.), the coalition’s chair. “We want the ambassador to make sure she looks deeply into this issue, but it also is an issue where we do have a sense of urgency,” she added.

USTR’s press office hasn’t responded to queries about the review. However, Treasury Secretary Janet Yellen told The New York Times in an interview that she believes Trump's tariffs have "hurt American consumers."

TPA timeline: DelBene said lawmakers also emphasized to Tai the need to engage with Congress on trade policy and wanted to hear her timeline for renewing the recently expired Trade Promotion Authority. Tai told the coalition she views renewing TPA as a longer-term objective.

“She acknowledged that it is on her radar, but she wasn’t concerned right now, as they're … focused on setting their broad agenda going forward and continuing to look at addressing issues with respect to China,” DelBene said.

Annual WTO compliance review: USTR is fast approaching the time when it will start its annual review of China’s compliance with World Trade Organization rules as mandated by Congress. That usually begins in August with a request for public comment, followed by a hearing in September or October and the release of the annual report in December or January.

USTR’s press office did not respond last week when asked if the trade agency intended to keep the two China reviews distinct, or if they could merge together.

 

 

https://www.politico.com/newsletters/weekly-trade/2021/07/19/trumps-china-tariffs-near-100b-mark-796565

[socrates469bc]

alrdy said at beginning of the tit-for-tat that bee kok will come on top liao.

 

nb, i no tsinghua phd but use my pigu think also know who will win.

 

still have many many kgks believe mediacock.

 

if u know trade and capital flows, u alrdy know answer liao.

 

wahahahahaha

[The_King]

2 hours ago, socrates469bc said:

alrdy said at beginning of the tit-for-tat that bee kok will come on top liao.

 

nb, i no tsinghua phd but use my pigu think also know who will win.

 

still have many many kgks believe mediacock.

 

if u know trade and capital flows, u alrdy know answer liao.

 

wahahahahaha

That why I support trump and I know the election fraud that make him lose

[XianGe]

2 hours ago, socrates469bc said:

alrdy said at beginning of the tit-for-tat that bee kok will come on top liao.

 

nb, i no tsinghua phd but use my pigu think also know who will win.

 

still have many many kgks believe mediacock.

 

if u know trade and capital flows, u alrdy know answer liao.

 

wahahahahaha

 

61% already deeply sunk into propaganda crap from mediacock n tiongland ib... No hope liao .. 

[socrates469bc]

5 hours ago, XianGe said:

 

61% already deeply sunk into propaganda crap from mediacock n tiongland ib... No hope liao .. 

 

without the 61%, how SGX gives me money?????

 

wahahahaha