The U.S. Trade Representative is extending tariff exclusions on Chinese products
As Told By Ginger Nicksplat GIF via GIPHY
🇨🇳 The U.S. Trade Representative is extending tariff exclusions on Chinese products.
A total of 352 products from China were issued tariff exclusions that were scheduled to conclude within the following two weeks at the close of 2022. A tariff is a tax or fee that is levied on imported or exported goods and it is designed to protect domestic industries and producers from foreign competition. The Congressional Research Service and several legislators are raising questions regarding the USTR’s decision to extend the exemptions - accusing the decision of being overtly selective and picking “winners and losers”. The American Apparel & Footwear Association President and CEO Steve Lamar have in turn praised the decision, citing that the move only helps the American economy.
President Joe Biden is advocating for a significant increase in tariffs on Chinese steel and aluminum imports, proposing to triple the current rates.