It is reported that President Trump signed the customs memorandum at 1230. The tariff will be announced within 15 days, and will take effect after 30 days of public feedback period.
Trump also instructed US trade representatives to seek solutions at the WTO to resolve China's licensing practices, which the United States considers discriminatory. In addition, Trump will also instruct the U.S. Department of the Treasury to be outside the current scope of CFIUS, Consider expanding restrictions on Chinese investment and acquisitions.
In response, the Chinese Ministry of Commerce did not sit still and immediately responded. Today, the Ministry of Commerce issued a list of discontinuation concessions for US imports of steel and aluminum products 232 measures and solicited opinions from the public. It intends to add some products imported from the United States. Tariffs to balance the losses caused by the United States adding tariffs to imported steel and aluminum products to China’s interests.
This list tentatively contains seven categories and 128 tax items. According to the 2017 statistics, it involves the US exports to China of about US$3 billion. The first part consists of 120 taxes, involving US exports of 9.7 billion US dollars to China, including fresh fruit, Products such as dried fruit and nut products, wine, modified ethanol, American ginseng, and seamless steel pipe, etc., are subject to 15% tariff. The second part totals 8 taxes, involving US exports to China of US$1.992 billion, including pork and products. , Recovery of aluminum and other products, to impose a 25% tariff.
The fact that the United States imposed tariffs of 25% and 10% on imported steel and aluminum products on the grounds of 'national security' actually constituted a safeguard measure. According to the relevant provisions of the WTO's Safeguards Agreement, the Chinese government has established a list of suspension concessions. China and the United States failed to reach a trade compensation agreement within the stipulated time. China will exercise the right to suspend concessions for the first part of the product; China will implement the second part list after further evaluating the impact of the U.S. measure on China. China reserves the right to measure according to actual conditions. The right to make adjustments, and will perform necessary procedures in accordance with relevant WTO rules.
The U.S.'s practice of restricting the import of products based on 'national security' has severely damaged the multilateral trade system represented by the WTO. It has severely interfered with the normal international trade order and has been opposed by several WTO members. The Chinese side has also adopted multiple levels. Multi-channels have negotiated with the United States, will take legal actions under the WTO framework, and work with other WTO members to maintain the stability and authority of the multilateral trade rules.