From today, Chinese goods imported into North America will be subjected to a 25% tariff, rising from 10%.
Despite hopes that delays to the tariffs indicated a easing of trade tensions, the move marks an escalation of a ‘trade war’ between the nations, not least coming after the US imposing significant tariffs on steel from most the world.
US importers will pay the bill for the tax rise, likely leading to prospective price rises. The list of affected products runs to almost 200 pages and includes bolts, screws and related products.
It’s highly significant for the US and Chinese fastener industries. China is among the top three countries from which the US sources fasteners (with Taiwan and Japan). According to China Fastener.com, China supplied 22.17% of the US’ fasteners in 2016.