Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.

US postpones tariff hikes on Chinese imports for 2 weeks

Posted on August 13, 2024 |

The U.S. Trade Representative (USTR) has delayed the start of increased tariffs on various Chinese imports, including a 25% hike on ship-to-shore cranes, by two weeks, with a final decision expected in mid-August.

The tariff plan, announced in May, targets imports from China, like electric vehicles, lithium-ion batteries, semiconductor chips, steel, aluminum, solar cells, and medical products.

Proposed tariffs include a 100% duty on Chinese electric vehicles, a 50% tariff on semiconductor chips, and a 25% tariff on ship-to-shore cranes, steel, and aluminum.

These tariffs are set to be introduced gradually over the next three years, with some taking effect in 2024, including those on electric vehicles, solar cells, and medical products.

U.S. port authorities and industry groups have raised concerns about the impact of the planned tariffs, particularly on ship-to-shore cranes.

Port Houston recently approved a $113 million purchase of eight electric ship-to-shore cranes from Shanghai Zhenhua Heavy Industries Co., the largest crane order in the port’s history.

The delay in tariff implementation allows more time to review and consider the potential effects on U.S. industries reliant on these imports.

Previous Next