A message we received from the US Chamber regarding an update on the tariffs: 

Thanks for reading, 

Andrea Keller
Executive Director
Syracuse-Wawasee Chamber of Commerce


Indiana Chamber Friends:

We know you’re hearing a lot on tariffs over the past several weeks.  To attempt to simplify things a bit, we’ve broken out the different types of tariffs below and the products/businesses that will be affected in the short term. Feel free to share this with your membership, and let us know if you’d like any more info.

Holcomb Voices Concern to Pence over Tariffs

This week, Gov. Holcomb met with Vice President Pence in DC where he voiced concerns about the impacts of trade tariffs on Indiana businesses.  Click here to read Holcomb’s full statement. 

 

Steel and Aluminum Tariffs

On March 23, the White House imposed new import tariffs of 25% on steel and 10% on aluminum from most countries. Temporary reprieves for Canada, Mexico and the EU expired on June 1, effectively doubling the volume of imports subjected to tariffs.  

 

Courtesy of White & Case, here are the countries that are imposing counter-tariffs and the products they will be targeting:

 

Country

Tariff Rates

Products Targeted

Annual US Export Value (Millions of USD)

Annual Tariff Value (Millions of USD)

Effective Date

Source

China

15%-25%

See WTO Article 12.5 Notification

$2,750.00

$611.45

In Effect as of 2-Apr-18

WTO Article 12.5 Notification

EU (Annex 1)

25%

See WTO Article 12.5 Notification

$3,200.00

$700.00

20-Jun-18

WTO Article 12.5 Notification

EU (Annex 2)

10%-50%

See WTO Article 12.5 Notification

$3,800.00

$800.00

23-Mar-21

WTO Article 12.5 Notification

India

5%-100%

See WTO Article 12.5 Notification

$10,006.00

$800.10

21-Jun-18

WTO Article 12.5 Notification

Japan

N/A

See WTO Article 12.5 Notification

$1,910.51

$439.94

18-Jun-18

WTO Article 12.5 Notification

Turkey

5%-40%

See WTO Article 12.5 Notification

$1,784.74

$266.54

21-Jun-18

WTO Article 12.5 Notification

Russia

N/A

See WTO Article 12.5 Notification

$3,158.10

$537.60

18-Jun-18

WTO Article 12.5 Notification

Canada

10%-25%

See Official Notice of Intent

$12,789.35

1966.32*

1-Jul-18

Official Notice of Intent

Mexico

15%-25%

Official Decree

N/A

646.12*

In Effect as of 5-Jun-18

Official Decree

 

 

TOTAL:

$39,398.70

$6,768.07

 

 

Tariffs on Chinese Imports and U.S. Exports to China

On June 15, The White House released two lists of products imported from China that will be subject to 25% tariffs. China has responded with its list of U.S. products now subject to additional tariffs.

List of products from China subject to new tariffs beginning July 6:

https://ustr.gov/sites/default/files/enforcement/301Investigations/List%201.pdf

 

More products from China that may be subjected to tariffs starting in late July/early August:

https://ustr.gov/sites/default/files/enforcement/301Investigations/List%202.pdf

 

List of U.S. products subject to new tariffs in China beginning July 6:

https://www.cnbc.com/2018/04/04/the-full-list-of-us-products-that-china-is-planning-to-hit-with-tariffs.html

 

Additional Resources

 

For updates on tariffs and the industries affected, please see this tracker from the Tax Foundation:

https://taxfoundation.org/tracker-economic-impact-tariffs/

 

 

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_________________________________

Kevin Courtois | U.S. Chamber of Commerce

Congressional and Public Affairs | Manager, Great Lakes Region

312.386.7797 (o) | 312.848.8386 (m) | 312.386.7822 (f)

300 S. Wacker Dr. | Ste. 1600 | Chicago, IL 60606