U.S., Chinese Negotiators Hold Talks Amid Tariff HikeTuesday, May 14, 2019
(North American Meat Institute)
U.S. and Chinese negotiators met last week in Washington, as tensions escalated in the ongoing trade dispute between both countries. The Trump Administration, on Friday, May 10, increased tariffs from 10 to 25% on $200 billion worth of Chinese imports to the U.S., after China reportedly reneged on a host of its commitments viewed as crucial for a deal. The Office of the U.S. Trade Representative indicated it would publish a separate Federal Register notice detailing an exclusion process for products impacted by the tariff increase. The scheduled tariff hike on these imports had been suspended in March to allow negotiators from both the U.S. and China time to work toward reaching a broad agreement aimed at resolving the countries' trade dispute.
The Administration has also announced its intention to levy 25% tariffs on an additional $325 billion in Chinese imports - a move that, if implemented, would place duties on all imports from China. China, to date, has retaliated by targeting $110 billion in U.S. exports to the country, and plans to respond with proportionate countermeasures to the U.S.'s latest round of tariff actions. It is not yet clear which U.S. products will be targeted, but U.S. pork and beef exports to China are already subject to higher tariffs.
The tariff escalation coincided with meetings in Washington between U.S. negotiators, represented by Ambassador Robert Lighthizer and Treasury Secretary Steven Mnuchin, and a Chinese delegation, led by Vice Premier Liu He. China announced it will retaliate by increasing tariffs on $60 billion in U.S. imports to the country, effective June 1. Additional details are forthcoming and the Meat Institute will provide updates as they are available.share on facebook share on twitter