XM does not provide services to residents of the United States of America.

US says start of new China tariffs will be delayed by at least two weeks



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 1-US says start of new China tariffs will be delayed by at least two weeks</title></head><body>

Adds more details on tariffs in paragraphs 3-9

By David Shepardson

WASHINGTON, July 30 (Reuters) -The U.S. Trade Representative's office said on Tuesdaysome of the steep U.S. tariff increases on an array of Chinese imports, including electric vehicles and their batteries, computer chips and medical products will be delayed by at least two weeks.

USTR said in Maythose tariffs would take effect on Aug. 1 but the office said it is still reviewing 1,100 comments received and now expects to issue a final determination in August. The office added the new tariffs will take effect approximately two weeks after the final determination is released.

President Joe Biden in May opted to keep tariffs put in place by his Republican predecessor Donald Trump while ratcheting up others, including a quadrupling of import duties on Chinese EVs to over 100% and doubling semiconductor duties to 50%.

USTR also sought input whether a proposed 25% duty on medical masks, gloves and a planned 50% tariff on syringes should be higher.

Washington is investing hundreds of billions of dollars in clean energy tax subsidies to develop U.S. EV, solar and other new industries, and has said China's state-driven excess production capacity in these sectors threatens the viability of U.S. companies. The tariffs are meant to protect American jobs from a feared flood of cheap Chinese imports.

The new measures affect $18 billion in current imported Chinese goods including steel and aluminum, semiconductors, electric vehicles, critical minerals, solar cells and cranes, the White House said. The EV figure may have more political than practical impact in the U.S., which imports few Chinese EVs that are subject to prior vehicle tariffs.

The Port Authority of New York and New Jersey said the tariffs would increase the cost of each crane by $4.5 million "causing a significant strain on the port's limited resources."

The largest two categories, making up $13.2 billion of the targeted imports from China in 2023, are lithium-ion batteries, according to U.S. Census Bureau data.

The U.S. imported $427 billion in goods from China in 2023 and exported $148 billion to the world's No. 2 economy, a trade gap that has persisted for decades and become an ever more sensitive subject in Washington.



Reporting by David Shepardson
Editing by Marguerita Choy

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.