On May 22nd, local time, the Office of the United States Trade Representative (USTR) issued a statement regarding the imposition of Section 301 tariffs on imports from China. The announcement detailed substantial tariffs to be levied on a range of Chinese goods, encompassing electric vehicles and their batteries, medical products, essential minerals, solar cells, as well as steel and aluminum. These measures are scheduled to come into effect on August 1, 2024.
Specifically, the United States plans to implement a 50% tariff on semiconductor products starting January 1, 2025, followed by a 25% tariff on lithium-ion batteries for non-electric vehicles from January 1, 2026.
In addition to these measures, adjustments will be made to the tariffs on stainless steel imported from China. As per the announcement, the tariff rate for stainless steel products, outlined in the table below, will be raised to 25%, taking effect on August 1, 2024.
According to statistics provided by Mysteel, in 2023, mainland China exported approximately 65,400 tons of stainless steel materials to the United States, constituting approximately 1.76% of its total exports. It’s worth noting that stainless steel tableware and kitchenware products were exempt from these measures.