Trump hits Chinese seafood sector with new tariffs
Most of the Chinese seafood exported to the US is now subject to another round of retaliatory measures adopted in the US-China trade war, informs Seafood Source magazine. Starting September 24, 10% tariffs will apply to these products and the levy is expected to increase from 1 January 2019 – after the holiday shopping season – when the tariffs will grow to 25%, announced the Office of the U.S. Trade Representative (USTR) after receiving the White House decision.
"After a thorough study, the USTR concluded that China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property – such as forcing United States companies to transfer technology to Chinese counterparts. These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy", said the statement issued by president Donald Trump.
Trump threatened an additional USD 267 billion (€228 billion) in tariffs – covering practically all Chinese exports to the US – if China takes retaliatory action. The Trump administration has already instituted two rounds of tariffs on China, affecting approximately USD 50 billion (€42.7 billion) in Chinese goods.
The Chinese counterpart issued a statement to announce that the country will retaliate “in a synchronous manner.” Tariffs from 5% to 10% are expected for different American goods in the next weeks.
"The U.S. side insisted on imposing tariffs, which has brought new uncertainty to the bilateral negotiations. We hope that the U.S. side will recognize the negative consequences of such acts and take convincing measures to correct them in a timely manner", said the Chinese Ministry of Commerce.
One exception was made by the US administration and it regards frozen cod and pollock that is exported by American companies in China for processing and re-imported after that in the US.
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