On Friday, July 6, tariffs on $34 billion worth of products imported from China—including x-ray, CT and MRI equipment—officially went into effect. Tariffs on another $16 billion worth of products are expected to kick in in a matter of weeks.
Geoff Raby, Australia’s former ambassador to China, told CNBC he “thought that by now a negotiated solution would have been found.” Raby also said he predicts this situation is just beginning, with “escalation upon escalation” likely coming from both sides in the future.
China has lodged a new complaint with the World Trade Organization over these tariffs, according to a report from BBC News, and imposed similar tariffs on $34 billion worth of U.S. products.
Back in June, the U.S. government first finalized these tariffs, which had been discussed publicly for months.
“We must take strong defensive actions to protect America’s leadership in technology and innovation against the unprecedented threat posed by China’s theft of our intellectual property, the forced transfer of American technology, and its cyber-attacks on our computer networks,” Ambassador Robert Lighthizer said at the time in statement from Office of the United States Trade Representative.