This afternoon in metals news, the first batch of $34 billion in U.S. tariffs on Chinese goods went into effect Friday, China looks to build its relationship with Europe amid increasing trade tension with the U.S. and the United States Trade Representative released the guidelines for the exclusion application process regarding Section 301 tariffs.
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U.S., China Trade Tariffs
The latest chapter of the U.S.-China unfolded Friday, as the first piece of the previously announced $60 billion in tariffs on Chinese goods went into effect (with China responding in kind).
Reuters reported Friday that some U.S. goods had started to come through customs, and that customs officials in Shanghai Monday were collecting tariffs on such U.S. goods as fruits and wine.
China Turns to Europe
Relations between the U.S. and China have chilled, to say the least, which is why the latter is turning to Europe.
CNBC reported Prime Minister Li Keqiang met with European leaders over the weekend, touting a willingness to open China’s economy to the world. In addition, other meetings with European leaders are on the docket in the near future, including an E.U.-China summit in Beijing next week, according to the report.
USTR Publishes Section 301 Exclusion Process
Just as with Section 232, there will be parties in the U.S. looking to gain exclusions from the tariffs imposed on a wide variety of Chinese goods.
On Friday, the Office of the U.S. Trade Representative published guidelines for parties looking to apply for exclusions from the tariffs.
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According to the USTR announcement, the public now has a 90-day period during which to file exclusion requests, making for an Oct. 9 deadline.