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17 May 2024

International Economy

US tariff hikes on some Chinese imports: Short-term impacts will likely be limited (Current Issue No.3494)

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US tariff hikes on some Chinese imports: Short-term impacts will likely be limited
  • The U.S. has announced an increase in tariffs on some imports from China by an additional 20-100 percent, effective over the next three months.
  • KResearch views that the tariff increases this time around primarily focus on China’s strategic sectors and such a move by the US could ignite a new round of trade war between the US and China.   
  • However, since the value of imports from China that are subject to additional tariffs in 2024 accounts for about 5.4 percent of the US total value of imports from China, the impacts of tariff hikes on the US inflation during 2024 may be limited. Meanwhile, both countries may be able to manage related impacts on several products that the US is heavily dependent on imports from China, including lithium-ion batteries.