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US' new additional tariffs only have little impact on China's exports

发布时间:[2024-5-20 9:5:55]    浏览量:47次
Chinese industry organizations and the Ministry of Commerce have opposed new US tariffs on Chinese steel, aluminum, and energy transition products, but industry experts believe the immediate impact on Chinese exports will be minimal.

On May 14, the US announced it would raise tariffs on certain steel and aluminum products to 25% because of China's unfair policies that were harmful to American workers and businesses. The tariffs also target critical minerals and lithium-ion batteries used in electric vehicles. The US Trade Representative stated that China's dominance in critical mineral mining and refining threatens US supply chains and clean energy goals.

Despite these tariffs, Chinese exports of these commodities to the US constitute a small portion of China's total exports. Chinese customs data showed that finished steel exports to the US account for less than 1%, while aluminum product exports make up about 4%. Industry sources suggest China may redirect exports to third countries to bypass tariffs.

Furthermore, China's lithium-ion battery exports to the US, representing 6.2% of total exports in 2023, and electric vehicle exports, mainly destined for Asia and Europe, will see limited impact. The US has not been a major market for Chinese aluminum since 2018 due to previous anti-dumping measures. In 2023, China exported 236,000 tons of aluminum products to the US, only 4.5% of its total exports.

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