The office of the US trade representative announced on the 3rd that the two actions of imposing tariffs on Chinese goods exported to the United States four years ago based on the results of the so-called "301 survey" will end on July 6 and August 23, respectively. From now on, the office will start the legal review procedure for relevant actions.
The office of the U.S. trade representative said in a statement on the same day that it would inform those U.S. domestic industry representatives who benefit from the increased tariffs on China that the relevant tariffs may be cancelled. Industry representatives can apply to the office to maintain the increased tariffs before July 5 and August 22, respectively. The office will review the relevant tariffs on the basis of the application, and these tariffs will be maintained during the review.
Dai Qi, US trade representative, said at the event on the 2nd that the US government would take all policy measures to curb the soaring prices, suggesting that the reduction of tariffs on Chinese goods exported to the United States would be considered.
The so-called "301 investigation" comes from section 301 of the trade act of 1974 of the United States. The clause authorizes the U.S. trade representative to initiate an investigation into "unreasonable or unfair trade practices" of other countries, and can recommend unilateral sanctions to the U.S. president after the investigation. The investigation was initiated, investigated, adjudicated and executed by the United States, which has a strong color of unilateralism. According to the so-called "301 survey", the United States has imposed 25% tariffs on goods imported from China in two batches since July and August 2018.
The US tariff increase against China was strongly opposed by the US business community and consumers. Due to the sharp increase in inflationary pressure, there has been a resurgence of calls in the United States for the reduction or exemption of tariffs imposed on China recently. Dalip Singh, deputy assistant to the president for national security affairs, said recently that some of the tariffs imposed by the United States on China "lack strategic purpose". The federal government can reduce tariffs on Chinese goods exported to the United States, such as bicycles and clothing, to help curb price increases.
US Treasury Secretary Yellen also said recently that the US government is carefully studying its trade strategy with China and that it is "worth considering" to abolish the tariffs imposed on Chinese goods exported to the United States.
A spokesman for China's Ministry of Commerce previously said that the unilateral tariff increase measures taken by the United States are not conducive to China, the United States and the world. In the current situation of rising inflation and challenges to global economic recovery, it is hoped that the United States will, in the fundamental interests of consumers and producers in China and the United States, cancel all tariffs imposed on China as soon as possible and promote bilateral economic and trade relations to return to normal as soon as possible.