US carmakers hit with Chinese tariffs as trade war changes gear

US carmakers hit with Chinese tariffs as trade war changes gear

New 25 per cent duties on vehicles and parts targets strategic US sector already facing competition from Europe, with implications for its labour market China has added automobiles to its revised list of US$16 billion worth of US goods targeted by its retaliatory tariffs, removing crude oil in favour of items that could do more damage to the US economy.

The updated tariff list, published by the Ministry of Finance on Wednesday, will slap 25 per cent duties on 333 products instead of the initial 114 identified in mid-June, keeping the total value of the goods unchanged.

The new list removed some imports, including crude oil, from the crossfire. Instead, a vast array of vehicles, scraps and recyclables, petrochemicals, and medical equipment were added to the list, in a move that analysts say will inflict more pain.
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Economists are still predicting that the good times for [email protected] huge export industry [email protected] last. One reason for the surge is companies are eager to avoid even higher duties in a few [email protected] time: The US tariffs on $200 billion of Chinese goods that kicked in on September 24 are set to rise from 10% to 25% at the end of the [email protected] This...