President Biden announced tariff increases on $18 billion of imports from China under Section 301 of the Trade Act of 1974. The increases are based on a review by the United States Trade Representative (USTR) to protect American workers and companies from China’s unfair trade practices. The USTR’s report also notes that 352 formerly expired product exclusions will expire again on May 31, 2024. The tariff increases will affect strategic sectors and raise costs of importing products from China, potentially disrupting US supply chains and markets.
Source PwC
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