China Ask The U.S. To Remove ALL Tariffs
China is urging the United States to remove all of its imposed tariffs that came in the aftermath of the Supreme Court’s decision that officially struck down most of the tariffs enacted. In a statement on Monday, the Chinese Commerce Ministry urged Washington to lift the tariffs, arguing they now violate even U.S. domestic law.
Trump immediately responded to the Supreme Court’s ruling by imposing a temporary 15% global tariff under a different law.
According to Trade Representative Jamieson Greer, the administration is preparing alternative legal measures to reimpose permanent tariffs. Some of those policies include trade investigations into “unfair trade practices” targeting major partners. Greer later said that the U.S. expects its partners that agreed to deals under tariff pressure (including the UK, South Korea, and the EU) to “stand by” their commitments despite the ruling.
Trump imposed tariffs on many trading partners early last year, accusing them of unfair trade practices, according to a report by RT. Most faced a universal 10% baseline tariff, with additional surcharges for large trade imbalances. Late last week, however, the Supreme Court ruled Trump lacked authority to impose tariffs under the 1977 International Emergency Economic Powers Act (IEEPA), effectively voiding most of the measures.
“China has consistently opposed all forms of unilateral tariff increases and has repeatedly emphasized that there are no winners in a trade war,” the ministry said. “The US’s unilateral measures… violate both international trade rules and US domestic law. China urges the US to cancel its unilateral tariff measures.”
Trump Hits China With 104% Tariffs
These new taxes have ignited a trade war that Trump appears to have no interest in ending.
US tariffs on imported Chinese goods reached 145% at the highest point, while Chinese tariffs on US goods hit 125%. In November, a one-year pause in tit-for-tat escalations was reached under which both sides cut tariffs to around 10% in some sectors.
Trump’s Sweeping Tariffs Set To Hit Consumers Hard — From iPhones to Automobiles
Unfortunately, the consumers will be the casualties of any trade war.
This article has been contributed by SHTF Plan. Visit www.SHTFplan.com for alternative news, commentary and preparedness info.
Source: https://www.shtfplan.com/headline-news/china-ask-the-u-s-to-remove-all-tariffs
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