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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] The Biden administration in the United States has decided to reimpose tariffs on about half of the 400 or so Chinese imports that were previously exempt from tariffs, following earlier tariff increases on items like electric cars and semiconductors.
According to the U.S. Trade Representative's office (USTR) on the 26th (local time), it announced the decision while announcing whether to extend the exemption from "Section 301" tariffs for 352 Chinese products and 77 products related to COVID-19, on the 24th.
The previous Trump administration imposed high tariffs on thousands of Chinese products under Section 301 of trade laws in 2018-2019, while allowing exceptions for some products. Since then, the USTR has been periodically reviewing whether to extend tariff exemptions for these items, and the tariff exemption for 429 items was set to expire on May 31st.
According to Bloomberg, the USTR has decided to extend the tariff exemption for about half of the 429 items until May 31st next year.
However, for the remaining approximately 200 items, tariffs will be reimposed starting from June 14th. This includes items such as compressors, graphite powder, and anesthesia masks. The USTR noted that these are items that can be sourced from outside of China or for which there have been no requests to extend tariff exemptions.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
