(Yicai Global) July 26 -- Officials in the US have held a public hearing to discuss the proposal to impose higher tariffs on USD16 billion worth of goods imported from China, with representatives from industry speaking overwhelmingly against the hike.
Some 61 figures from the country’s chemical, electronics, solar energy sectors among others spoke at the Office of United States Trade Representative hearing though only six of them expressed their support for the move.
Most representatives indicated that raising tariffs would harm domestic industry as well as others, and would ultimately damage the global supply chain for US consumers and small and medium-sized businesses.
The Semiconductor Industry Association reacted fiercely to the proposal calling on authorities to take chip products off the tariff list. The industry body highlighted that more than 40 percent of semiconductor products imported from China are manufactured by either US enterprises or US-funded firms.
The USTR drew up plans in April to bring in a 25 percent tax on Chinese products covering around USD50 billion in imports from the country. The country began its first round of tariffs earlier this month on the first raft of products worth some USD34 billion. China countered the move by bringing in a 25 percent tariff on US products worth USD34 billion and filing a lawsuit with the World Trade Organization.
The two-day hearing ended yesterday and the US is expected to release a final list of products affected by the hike on July 31.
Editor: William Clegg