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Unilateral Tariff Review By The United States And Canada

2022/5/6 14:33:00 0

According to Xinhua news agency, the U.S. trade representative's office announced on the 3rd that the two actions of imposing tariffs on Chinese goods exported to the United States four years ago based on the results of the so-called "301 investigation" will end on July 6 and August 23, respectively, according to Xinhua news agency. From now on, the office will initiate a statutory review of the relevant actions.

The U.S. trade representative's office issued a statement on the same day, saying that it would inform representatives of U.S. domestic industries that benefited from the tariff increase on China that the relevant tariff might be cancelled. Industry representatives can apply to the office to maintain the tariff increases before July 5 and August 22, respectively. The office will review the relevant tariffs on the basis of the application, which will be maintained during the review.

U.S. trade representative Dai Qi said at the event on the 2nd that the US government would take all policy measures to curb the soaring prices, suggesting that the reduction of tariffs on Chinese exports to the United States would be considered.

The so-called "301 investigation" originates from section 301 of the United States trade act of 1974. The clause empowers the US trade representative to initiate an investigation into the "unreasonable or unfair trade practices" of other countries and to recommend unilateral sanctions to the president of the United States after the investigation. The investigation, initiated, investigated, adjudicated and executed by the United States itself, has a strong color of unilateralism. According to the so-called "301 investigation", the United States has imposed 25% tariff on imports of goods from China in two batches since July and August 2018.

U.S. tariff measures against China have been strongly opposed by the US business community and consumers. Due to the sharp increase of inflation pressure, the United States has recently raised calls for the reduction and exemption of tariffs on China. Dalip Singh, deputy assistant to the US president for national security affairs, said a few days ago that part of the tariff imposed by the United States on China "lacks strategic objectives". The federal government can reduce tariffs on Chinese exports to the United States, such as bicycles and clothing, to help curb rising prices.

U.S. Treasury Secretary Yellen also said recently that the U.S. government is carefully studying its trade strategy with China and that it is "worth considering" to cancel the tariff on Chinese goods exported to the United States.

A spokesman for China's Ministry of Commerce said earlier that the unilateral tariff increase by the United States is not conducive to China, the United States and the world. Under the current situation that inflation continues to rise and the global economic recovery is facing challenges, it is hoped that the US side, proceeding from the fundamental interests of consumers and producers in China and the United States, as soon as possible, cancel all the tariff increases on China, and promote the bilateral economic and trade relations to return to normal track as soon as possible.