In a sign of the continuing escalation of the trade war between the United States and China, the White House released a statement overnight on new tariffs of up to 245% on some Chinese goods.
While the increased tariffs were levied on a range of products, from syringes to toys, the statement included actions of importance to marine manufacturers. Tariffs on lithium-ion batteries were raised to 173%, and other measures included “proclamations to close existing loopholes and exemptions to restore a true 25% tariff on steel and elevate the tariff to 25% on aluminum.”
The increased tariff rate accompanied an executive order that launched an investigation into the “national security risks posed by U.S. reliance on imported, processed critical minerals and their derivative products.”
Additionally, the NMMA today urged marine manufacturers to review auto tariffs that may affect them ahead of the May 3 deadline. In a statement, the NMMA said, “Several Harmonized Tariff Schedule (HTS) codes for auto parts may overlap with imported marine parts. NMMA encourages members to review the HTS codes listed for auto parts here.”
According to reporting by the Associated Press, China appointed a new trade negotiator today in the midst of the tariff war. The Chinese government said Li Chenggang replaces Wang Shouwen, who participated in negotiations for the countries’ 2020 trade deal, the AP report said.
