🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

China urges US to 'immediately' lift all tariffs on Chinese goods

Published 09/05/2024, 03:52 AM
Updated 09/05/2024, 03:55 AM
© Reuters. A worker inspects imported cars at a port in Qingdao, Shandong province, China May 23, 2018. REUTERS/Stringer/File Photo

BEIJING (Reuters) - The United States should immediately lift all tariffs on Chinese goods, the Chinese commerce ministry said on Thursday, ahead of an announcement by the Biden administration on expected hikes in levies on Chinese-made items, including electric vehicles.

The U.S. is expected to make its final determination in the coming days after delaying a decision twice, as it continued to review proposed modifications to levies on Chinese goods imposed under former president Donald Trump in 2018 and 2019.

Initially, the higher duties of 100% on EVs, 50% on semiconductors and solar cells, and 25% on lithium-ion batteries and key minerals, steel and aluminium, ship-to-shore cranes and syringes were due to take effect on Aug. 1.

But the U.S. Trade Representative's Office on July 30 delayed implementation, saying it needed more time to study more than 1,100 public comments from industry. It set a new deadline of Aug. 31, which was further delayed by another deferment.

The latest delay came after White House National Security adviser Jake Sullivan held several days of talks in Beijing, including a meeting with Chinese President Xi Jinping where both sides emphasised the need to manage the U.S.-China relationship.

Imposing tariffs on Chinese goods is "adding insult to injury," Chinese commerce ministry spokesperson He Yongqian said at a regular news conference on Thursday.

"China has made solemn representations to the United States on the issue of the 301 tariffs many times."

© Reuters. A worker inspects imported cars at a port in Qingdao, Shandong province, China May 23, 2018. REUTERS/Stringer/File Photo

A China-U.S. commerce and trade working group is due to hold a second meeting in the northern Chinese city of Tianjin on Sept. 7. The first was held in April.

The two sides are expected to have in-depth talks on a wide range of topics including their respective concerns about economic and trade policies.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.