tariffs | Common News Update

Mar292021 by adminNo Comments

Biden administration threatens tariffs on UK goods in ‘tech tax’ row

Business

Getty ImagesThe US has warned it could put tariffs of up to 25% on a host of UK exports in retaliation for a UK tax on tech firms. Ceramics, make-up, overcoats, games consoles and furniture could all be hit, according to a list published by the Biden administration.The duties are designed to raise $ 325m (£235.8m), the amount the US believes the UK will raise from US tech firms. A UK government spokesperson said it wanted to "make sure tech firms pay their fair share of tax". They added: "Should the US proceed to implement these measures, we would consider all options to defend UK interests and industry."Washington is pressing ahead with the action, initiated under President Donald Trump, and has scheduled hearings on the list.It argues the recently introduced digital services tax - which...

Jan222020 by adminNo Comments

Trade tensions rise as US threatens car tariffs

Business

Trade tensions with the US have spiralled after the chancellor, Sajid Javid, took a defiant stance at Davos.US treasury secretary Steve Mnuchin has threatened new tariffs on UK carmakers after the chancellor defied pressure to cancel a new tax on tech firms.Mr Javid said the UK would not back down over the tax which will hit US firms like Apple, Amazon and Facebook.A trade deal with the EU would take priority over one with the US after the UK leaves the EU this month, he added. Both officials said Boris Johnson and Donald Trump would discuss the trade agreement and the tech tax this week during the World Economic Forum in Davos. The UK government sees a new trade deal with the US as a high priority after Britain leaves the European Union at the end of thi...

Oct22019 by adminNo Comments

US set to impose tariffs on $7.5bn of EU exports in Airbus row

World

The US has been given the go-ahead to impose tariffs on $ 7.5bn (£6.1bn) of goods it imports from the EU.It is the latest chapter in a 15-year battle between the US and the EU over illegal subsidies for planemakers Airbus and rival Boeing.The World Trade Organization (WTO) ruling will mean tariffs on EU goods ranging from aircraft to cheese, olives and jumpers from 18 October.Brussels has threatened to retaliate similarly against US goods.What happens next?US trade officials said the tariffs would be set at a 10% rate on aircraft and 25% on agricultural and other items.They have published a list of all the items that will be subject to the additional tariffs, most of which will apply to imports from France, Germany, Spain and the...

Sep22019 by adminNo Comments

‘Hidden sales tax’: How Trump’s tariffs will impact prices — and what consumers can do about it

Finance

In the midst of a tit-for-tat trade war between the U.S. and China, Labor Day sales may be your best chance to avoid the impact of higher prices for some products you buy.Tariffs on goods traded between the two countries have already increased in several stages since early 2018 and recently escalated again.Just last week, President Donald Trump said he would raise existing duties on $ 250 billion worth of Chinese products to 30% from 25% on Oct. 1. Additionally, he said, tariffs on another $ 300 billion of Chinese goods, which start to take effect on Sunday, will now be 15% instead of 10%. "It is like a hidden sales tax, one that does not appear on your receipt but comes out of your pocket nonetheless," said Katheryn Russ, a University of California, Davis, professor of economics and speci...

Aug132019 by adminNo Comments

US delays China tariffs for laptops and mobile phones

Business

By John-Paul Ford Rojas, business reporter The US is to delay imposing 10% tariffs on a number of Chinese products including laptops and phones until December - helping Wall Street shares bounce back after a big sell-off.Extra duties were set to have been imposed on a $ 300bn list of products from next month but this has been pushed back to 15 December for "certain articles" including laptops and mobile phones. Tariff hikes on games consoles, certain toys, computer monitors and some items of footwear and clothing have also been delayed, the Office of the US Trade Representative (USTR) said.The delay is likely to provide some relief for US retailers stocking up on Chinese-made goods ahead of the festive season.Speaking to reporters in New Jersey, Donald...