US President Donald Trump has used tariffs as a tool to negotiate better terms of trade for the United States, saying bad deals cost millions of U.S. jobs. (File Photo)
US President Donald Trump said on Thursday he would impose a 10 per cent tariff on the remaining $300 billion of Chinese imports starting September 1, after negotiators failed to make progress in US-China trade talks.
Trump has used tariffs as a tool to negotiate better terms of trade for the United States, saying bad deals cost millions of U.S. jobs.
The following is a list of tariffs levied by United States and its trading partners:
US Tariffs On China
* 25% tariffs on $50 billion worth of technology goods including machinery, semiconductors, autos, aircraft parts and intermediate electronics components imposed on July 6 and Aug. 23 as part of “Section 301” probe into China’s intellectual property practices.
* 25% tariffs on $200 billion worth of goods including computer modems and routers, printed circuit boards, chemicals, building materials and furniture.
* A 10% tariff on these goods was imposed on Sept. 24, 2018 as a response to retaliation by Beijing. Trump increased the tariff rate to 25% on May 10 after accusing China of backtracking on earlier commitments in the talks.
* U.S. Trade Representative Robert Lighthizer has launched the process to impose 25% tariffs on all remaining imports from China, another $300 billion worth of goods. That would hit consumer products hard, including cellphones, computers, clothing, toys and other consumer products.
Chinese Tariffs On United States
* China on May 13 announced it would increase tariffs on a revised list of 5,140 U.S. products, worth about $60 billion, after Trump’s move. The additional tariff of 25% will be levied on 2,493 products, including liquefied natural gas, soyoil, peanut oil, petrochemicals, frozen minerals and cosmetics. Other products will see tariffs of 5%-20%
* 25% tariffs on $50 billion worth of U.S. goods including soybeans, beef, pork, seafood, vegetables, whiskey, ethanol, imposed on July 6 and Aug. 23 in retaliation for initial rounds of U.S. tariffs. China had suspended a 25% duty on U.S. auto imports during their trade negotiations. Beijing has resumed some purchases of U.S. soybeans, but has not formally suspended those tariffs.
* Based on 2018 U.S. Census Bureau trade data, China would only have about $10 billion in U.S. imports left to levy in retaliation for any future U.S. tariffs. Retaliation could come in other forms, such as increased regulatory hurdles for U.S. companies doing business in China.
US Global Tariffs
* 25% tariffs on imported steel and 10% tariffs on imported aluminum, imposed on March 23, 2018, on national security grounds. Exemptions have been granted to Argentina, Australia, Brazil and South Korea in exchange for quotas. Canada and Mexico were exempted from the tariffs in May. In response, both countries lifted their retaliatory tariffs on the United States.
* 20% to 50% tariffs on imported washing machines, imposed on Jan. 22, 2018, as a “global safeguard” action to protect U.S. producers Whirlpool Corp and GE Appliances, a unit of China’s Haier Electronics Group Co Ltd.
* 30% tariffs on imported solar panels, imposed on Jan. 22, 2018, as a “global safeguard” action to protect U.S. producers Solar World, based in Germany, and Suniva, owned by China’s Shunfeng International Clean Energy Ltd.
* Trump is considering tariffs of around 25% on imported cars and auto parts, based on a Commerce Department study of whether such imports threaten U.S. national security.
* The new U.S.-Mexico-Canada Agreement protects Canadian and Mexican production in the event of such tariffs through a quota system. Trump has pledged not to impose auto tariffs on Japan and the European Union while trade negotiations with those partners are under way.
European Union Tariffs On United States
* The European Union on June 22 imposed import duties of 25% on a $2.8 billion range of imports from the United States in retaliation for U.S. tariffs on European steel and aluminum. Targeted U.S. products include Harley-Davidson motorcycles, bourbon, peanuts, blue jeans, steel and aluminum.
* Trump ended preferential trade treatment for India in early June, resulting in U.S. tariffs on up to $5.6 billion of imports from India.
* India, the world’s biggest buyer of U.S. almonds, responded by slapping import duties on the nuts and 27 other U.S. products.
Dueling Tariffs With Turkey
* The United States halved tariffs in May to 25% on Turkish steel imports and 10% on aluminum. It had doubled U.S. duty rates on steel and aluminum from Turkey 50% and 20%, respectively, in August 2018 citing national security and currency concerns in an escalating trade spat between the NATO allies.
* In response, Turkey said it would cut its tariffs on some U.S. goods in response to the U.S. reduction. It has tariffs on $1.8 billion worth of U.S. goods, including motor vehicles, alcoholic beverages, rice, structural steel and beauty products.
* Trump ended preferential trade treatment for Turkey effective May 17, a move that imposes tariffs on about $1.66 billion of Turkish imports.