This week will see the implementation of previously announced tariff increases from the U.S., China, and Mexico.
Thursday, July 5 – Section 232 (Mexico)
Mexico will implement the second round of its retaliation for the U.S.’ increased tariffs on imports of certain steel and aluminum products with additional tariffs of 10-15% on pork and cheese products.
Friday, July 6 – Section 301 (U.S. and China)
The U.S. will impose another 25% in duties on 818 tariff lines (see Annex B) worth $34 billion from China on July 6. The additional tariffs are part of the U.S.’ response to China’s alleged unfair trade practices related to “the forced transfer of American technology and intellectual property” pursuant to Section 301 of the Trade Act of 1974.
That same day, China has announced it will respond in kind by increasing duties on 545 tariff lines by the same amount. This action is also valued at $34 billion. Agricultural products, sport utility vehicles, and electric vehicles are among the goods targeted by China.