The United States and China ramped up their trade war today, with the two countries implementing 25 percent tariffs on $16 billion worth of goods. China and the U.S. have placed retaliatory tariffs on $100 billion worth of products since early July.
More than 300 marine products including engines, propellers, antennae and navigation equipment were on the list of the earlier U.S. tariffs against Chinese-manufactured goods. Today’s tariffs include boats, inflatables and chemicals used in the production of fiberglass boats.
“Last night, the imposition of another tariff and the subsequent retaliation by China is further proof of how our industry has been unfairly caught in the trade wars,” Nicole Vasilaros, NMMA’s senior vice president of government and legal affairs, told TradeOnlyToday.com. “It’s definitely not working. We’d like them to negotiate a trade deal and not continue with the back-and-forth tariffs.”
Officials from China and the U.S. resumed trade talks in Washington earlier this week. This is the first high-level meeting between the two countries to discuss the tariffs since June.
President Trump said he did not “anticipate much” from the talks, according to Reuters. Trump has threatened to put duties on almost all of the $500 billion worth of Chinese goods that the U.S. imports annually, unless China agrees to changes in intellectual property practices and industrial subsidy programs. The Trump Administration also wants China to buy more U.S. goods.
China’s Commerce Ministry said Washington was “remaining obstinate” by following through with the latest tariffs. “China resolutely opposes this, and will continue to take necessary countermeasures,” it said in a statement.
Business leaders had hoped for some breakthrough in the trade war between the two countries through the talks.