China Slams 25-Percent Tariff On American Cars And Motorcycles
China is turning the heat up in the trade war by placing $16 billion in tariffs against a variety of American exports, including automobiles and motorcycles, according to NBC News. The move comes as retaliation for the United States placing $16 billion in tariffs on Chinese goods.
The increased tariffs don't take effect until August 23, leaving time for the two sides to negotiate an alternative. Don't expect things to change, though. So far, the U.S. and China have used a tit-for-tat strategy that has involved answering one country's increased tariffs with the other country boosting the amount too.
In addition to cars and motorcycles, China targetted a total of 333 types of American imports, including coal, crude oil, grease, asphalt, plastic products, scrap metal, and recyclables, according to CNBC.
"None of this is good for the automakers, who are rapidly becoming more and more globalized and depend on global supply networks to operate profitably," Ed Kim, Vice President of Industry Analysis at AutoPacific, told Motor1.com when these tariffs were initially proposed in April. "Note that General Motors released a statement this morning imploring cooler heads to prevail on both sides. GM already imports two models from China into the U.S. and Ford will soon import the Focus, and both export significant volume from the U.S. to China. Additional trade war bickering could destroy the business models for many vehicles."
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