USTR: Further action required beyond tariff changes to address China's unfair policies

Source Fxstreet
May 14, 2024 09:20

United States Trade Representative Katherine Tai announced on Tuesday that she will be proposing modifications to China tariffs and will continue to work with partners to continue to expand opportunities for US workers and manufacturers, per Reuters.

Key takeaways

"Further action required beyond tariff changes to address China's unfair policies."

"Will recommend establishing exclusion process for machinery used in domestic manufacturing, including 19 exclusions for solar manufacturing equipment."

"Will recommend additional funding for US customs and border protection to increase enforcement of Sect. 301 tariffs."

"Will recommend greater collaborations between private companies and government to combat state-sponsored technology theft."

"China has not eliminated many of its technology transfer-related acts, policies, and practices."

"China has in some cases become aggressive, including through cyber intrusions and cybertheft in attempts to acquire foreign tech."

"Research shows tariffs have minimal impacts on economy-wide prices and employment."

"Research shows prior Section 301 tariffs have contributed to reducing US imports of Chinese goods and increasing imports from US allies and partners."

Market reaction

These remarks don't seem to be having an immediate impact on risk mood. At the time of press, US stock index futures were trading modestly higher on the day.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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