China Retaliates; Tariffs On Hardwoods Increase
Posted On
May 14, 2019
China immediately announced that it will raise tariffs on U.S. goods worth $60 billion, effective June 1. Tariffs on lumber, logs, and veneer will increase, varying by species. The U.S. exported $1.314 billion in hardwood lumber, $533 million in hardwood logs, and $6 million in hardwood veneer to China in 2018.
Resources:
- Ministry of Finance of the People's Republic of China Press Release (Chinese)
- CNBC: China is raising tariffs on $60 billion of US goods starting June 1
- The New York Times: Trade Dispute Between U.S. and China Deepens as Beijing Retaliates
- Markets Insider: China fires back at the US with higher tariffs on thousands of American products
- US Exports to China - Hardwood logs, lumber, veneer (PDF)
- USDA GAIN Report (PDF)