It's getting harder for companies to escape Trump's China duties | Fin24
 
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Channelling Thatcher

    A battle with unions will be the biggest test for Ramaphosa and Mboweni, writes Pieter du Toit.

  • Liberty

    We are no longer turning around, we are growing, says the group's CEO as profit surge.

Loading...

It's getting harder for companies to escape Trump's China duties

Jul 24 2018 16:29
Mark Niquette and Andrew Mayeda, Bloomberg
Donald Trump

Republican presidential candidate, businessman Donald Trump speaks during the Fox Business Network Republican presidential debate at the North Charleston. (Chuck Burton, AP)

Related Articles

China rallies Brics to fight against protectionism as US steps up trade war

WATCH: IMF warns G20 that tariffs hurting economy

EU prepares to retaliate over car tariffs before Trump talks

SA firms to mull litigation if US plans new tariffs

 

US companies and industry groups are returning to Washington this week in an increasingly futile effort to get relief from President Donald Trump’s tariffs on Chinese imports.

More than 80 witnesses are scheduled to testify during the two-day hearing starting on Tuesday on the $16bn (approx. R217bn) in Chinese goods targeted for 25% duties, which could be imposed after a comment period ends July 31. The administration imposed tariffs on $34bn (approx. R453bn) of products on July 6, after similar hearings in May.

The Office of US Trade Representative has also identified an additional $200bn (approx. R2.6trn) of goods slated for a 10% duty after China retaliated in an escalating trade war, and Trump has said he’s "ready to go" with tariffs on $500bn (approx. R6.7trn) in imports - roughly the value of China’s annual goods exports to the US.

While companies successfully lobbied to remove some consumer goods from the administration’s initial list of targets and the USTR will act in good faith, there’s less flexibility because items removed must be replaced to reach Trump’s total, said John Veroneau, a partner at Covington & Burling in Washington and a former deputy US, trade representative under President George W.Bush.

"Finding replacements is becoming more challenging," Veroneau said.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

donald trump  |  trade wars  |  tariff hikes
NEXT ON FIN24X

 
 
 
 

Company Snapshot

#BUDGET2020

Cuts to the public sector wage bill took centre stage at this year's Budget
 

Voting Booth

Do you support a reduction in the public sector wage bill?

Previous results · Suggest a vote

Loading...