Us and China impose $16 billion in tariffs on LME all green nickel down more than 2 per cent

After the news, sentiment in the metals market was thwarted again, with LME metals falling collectively. As of 17:05, LME three-month copper fell 1.44 percent, LME three-month aluminum fell 0.85 percent, and LME three-month lead fell 0.05 percent. LME three-month zinc fell 1.06 per cent, three-month tin fell 1.17 per cent and three-month nickel fell 2.32 per cent.

The tariff list includes copper scrap, nickel scrap, aluminum scrap, zinc scrap, tin scrap, tungsten scrap, magnesium scrap, stainless steel scrap, other alloy steel scrap, tinned iron and steel scrap, Other iron and steel scrap, etc.

An interpretation of the impact of the tariff imposed on US $16 billion goods by China and the United States on the Metal Market

A spokesman for the Ministry of Commerce made a statement on the US tax on $16 billion worth of Chinese products:

The US side insisted on going its own way and imposed a 25 per cent tariff on US $16 billion imported from China under the 301st investigation on 23 August, which is clearly suspected of violating WTO rules. The Chinese side firmly opposes this and has to continue to fight back as necessary. At the same time, in order to defend free trade and the multilateral system and defend its legitimate rights and interests, China will sue for taxation measures under the WTO dispute settlement mechanism.

This time, the United States imposed tariffs on US $16 billion, which was widely opposed by industry representatives such as the American Chamber of Commerce, the Semiconductor Industry Association, and the National Retail Federation. At a hearing held last month by the Office of the US Trade Representative on tariffs on $16 billion worth of Chinese exports to the US, delegates also expressed widespread concern that the tariffs would damage the US economy and reduce the competitiveness of US industries.

According to sources, at the hearing held this week to impose tariffs on 200 billion US products from China, more than 90% of the delegates opposed the tariffs. But (USTR), the office of the US Trade Representative, only symbolically tweaked the final list after the hearing, which was accused of being a formality.

The Office of the United States Trade Representative (USTR) and the Interdepartmental Committee on Section 301 (interagency Section 301 Committee) sought and received written comments and testimony at a two-day public hearing last month. In March 2018, the Office of the United States Trade Representative (USTR) released its detailed Section 301 findings. The survey found that China's actions, policies and practices in the areas of technology transfer, intellectual property rights and innovation are unreasonable, discriminatory and impose a burden on US business.

Specifically, the section 301 survey shows the following:

The Chinese government uses joint ventures and restricts investment by foreign companies, and also uses administrative review and licensing procedures to pressure American companies to transfer technology. China has deprived American companies of their ability to set market-based terms in licensing and other technology-related negotiations. China also allows systematic acquisitions of US companies and assets to facilitate large-scale technology transfers.

China has also carried out and supported network intrusions into commercial computer networks in the United States with a view to obtaining commercial information of commercial value in an unauthorized manner.

We will soon publish the official notice of the $16 billion tax on goods in the Federal Gazette. As in the case of the first tariff increases, the notice will announce a procedure through which the person concerned may request exemption from specific products covered by the tariff item, subject to additional tariffs.

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