tariffs

US lawmakers ask Trump to keep tariffs off PPE, vaccine equipment | Coronavirus pandemic News

Personal protective equipment imported from China could face Trump’s trade war tariffs if exclusions are allowed to expire.

A bipartisan group of 75 United States lawmakers is urging the Trump administration to extend exclusions from import tariffs on medical products imported from China, including face masks, hand sanitising wipes and examination gloves as the country continues to battle record numbers of COVID-19 cases.

In a letter to US Trade Representative Robert Lighthizer, the legislators said failure to extend the exclusions beyond December 31 would hurt small businesses already suffering from stay-at-home orders aimed at containing the spread of the new coronavirus.

They said they recognised that the exclusions were granted in part to give US companies more time to diversify their supply chains out of China. But companies needed more time to complete those efforts given continuing travel restrictions, they said.

“Extending exclusions before they expire will help with pandemic

Read More

China tariffs offset by rising Australian iron ore prices due to ‘fear tax’

Australia’s losses from trade tensions with China are being offset by rising iron ore prices, according to new analysis, which also predicts the Morrison government will announce a smaller budget deficit than originally forecast.

Loading...

Load Error

Deloitte Access Economics said Chinese government moves against wine, beef, barley, lobsters and thermal coal have cost Australia money “but we’ve more than made that up in overall terms thanks to iron ore – and the taxman will be a considerable beneficiary of that”.

Chris Richardson, a Deloitte partner and leading economist, said spot prices had risen by US$18 a tonne since 30 November amid fears that China may consider taking some action against Australian iron ore, resulting in markets “nervously bidding up prices”.

Related: A comfortable fit: Nationals push for trade portfolio in looming Morrison cabinet reshuffle

“This ‘fear tax’ isn’t the only thing driving up prices – markets are also worried that

Read More