China’s US tariffs to include farm machinery
Reacting to President Trump’s imposition of a 10% tariff on Chinese imports, China on Tuesday announced counter-tariffs including on agricultural machinery, the Associated Press reported.
The fresh duties, announced by China’s Ministry of Finance, levy a 15% tax on certain types of coal and liquefied natural gas and a 10% tariff on crude oil, agricultural machinery, large-displacement cars and pickup trucks, CNN reported. The measures take effect on Feb. 10.
On Sunday, Association of Equipment Manufacturers Senior Vice President Kip Eideberg said, “President Trump is correct to focus on major problems like our broken border and the poisonous drugs flowing into our country. But levying tariffs on goods that U.S. equipment manufacturers depend on not only jeopardizes the president’s agenda, including the Trump administration’s plan for a stronger, more competitive America, but drives up costs for U.S. equipment manufacturers, disrupts our supply chains, and exposes our customers to retaliatory tariffs. The fact remains: Tariffs are a tax paid by Americans, and their broad-based application will stifle economic growth and undermine the competitiveness of the United States.
“Equipment manufacturers stand ready to work with the Trump administration on a trade strategy that holds bad actors accountable, safeguards the benefits of the successful United States-Mexico-Canada Agreement, and bolsters equipment manufacturing in the United States.”