INDUSTRIAL NEWS AND ANNOUNCEMENTS

The U.S. Government says it is moving ahead with plans to implement tough trade measures against China, despite an apparent easing of tensions between the two countries over recent days.

The White House said in a statement that it will impose 25% duties on US$50 billion of goods “containing industrially significant technology.” 

“The final list of covered imports will be announced by June 15, 2018, and tariffs will be imposed on those imports shortly thereafter,” it said.

The development comes despite recent remarks by Treasury secretary Steven Mnuchin that the tariffs would be suspended while the countries continued their negotiations.

The two sides held talks on the weekend of May 19 and pledged to continue negotiations, with U.S. President Donald Trump on May 21 Tweeting: “China has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products – would be one of the best things to happen to our farmers in many years!”

China’s government also praised the cooling of trade tensions with the U.S., saying an agreement was in both nations’ interests.

Following the U.S.’s original announcement in March that it planned to impose the tariffs on Chinese products, China announced an additional 15% duty on imports of U.S. fruits and implemented them on April 2 .

The tariffs were expected to strain growth of numerous U.S. fruit exports to China including Cherries and Apples.

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