The Office of U.S. Trade Representative is taking the necessary steps to slap tariffs on the remaining billions of dollars worth of Chinese goods coming into the U.S.
The USTR outlines a potential duty of up to 25% tariffs on China for goods with an annual trade value of roughly $300 billion. The committee will hold a public hearing on June 17 followed by another week for comments, meaning the earliest possible action for tariffs would be June 24. This gives the White House a window of time leading up to the G-20 Summit to decide.
The USTR unveiled a list of new items that would be subject to the potential round of tariffs. The products, published on the agency'sinclude "essentially all products not currently covered" by the previous rounds of tariffs against China. It ranges from milk and animal products to steel and aluminum.
The proposed list excludes pharmaceuticals, select medical goods, rare earth materials and critical minerals. Any products given exemptions on prior tariffs "will not be affected," the agency said. Major U.S. indexes suffered their worst trading day since January Monday after news that China plans to raise tariffs on $60 billion
, beginning on June 1. President Trump said China's retaliatory tariffs put the United States in a great position and represents "a very positive step" in the ongoing trade negotiations.if you don't make a trade deal. " Trump also said that China had a "great deal" almost completed — but they "backed out.", and includes a range of agricultural products.
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