Trump Admin Reboots $50B China Tech Tariffs
The Trump administration said Tuesday that the US will go ahead with planned $50 billion tariffs on Chinese technology and block Chinese investment in US tech industries, ahead of talks on trade between the two countries this Saturday.
The White House announced Tuesday that the United States will impose a 25% tariff on $50 billion of goods. This after Treasury Secretary Steven Mnuchin said May 20 that the US had suspended tariff plans because of trade talks.
The White House now says "final list of covered imports will be announced by June 15, 2018, and tariffs will be imposed on those imports shortly thereafter."
President Trump initially announced plans for $50 billion of tech tariffs on March 22. The Office of the US Trade Representative (USTR) released a list of 1,300 potential tariff items on April 3, for public comment. These items included flat-screen TVs, batteries and more.
It is unclear at this time what exactly will carry over from the old list to the new, if anything.
Trump went against US Senators late Friday, tweeting that he would end the ban on US companies selling components to ZTE Corp. (Shenzhen: 000063; Hong Kong: 0763), if the Chinese networking and phone vendor paid a $1.3 fine. ZTE had to close down on May 9 after the US ban was announced in April. (See Trump Says ZTE Can Re-Open... With Conditions.)
ZTE's avenues to sell phones and networking gear in the US are nearly non-existent already. (See FCC Eyes USF Funds Ban for Chinese Vendors .)
— Dan Jones, Mobile Editor, Light Reading