The House and Senate Appropriations Committees have directed the United States Trade Commission to retroactively investigate the economic impact of Section 232 and 301 tariffs on U.S. industries. As part of that investigation, the USTC has announced it will be holding a public hearing on the matter July 21, 2022.
According to the Federal Reserve, experts have been studying the impact of the bilateral tariffs between the US and China on US trade, but these studies have predominately focused on the end result for consumers, not on the industries that supply consumers. These experts predict that while China’s GDP has been on a downward trend as a result, it’s the United States taking the harder hit because the US is more dependent on capital-intensive goods, and China plays a critical role in those acquisitions.
Inflation is at a forty-year high, but USTR Katherine Tai, while taking a new position in announcing she is open to reducing/eliminating these tariffs, has said that those actions could reduce US leverage in trade negotiations with China.
With so much at stake, it’s important for decision-makers to hear from industry leaders directly how these actions have already impacted our businesses and the forecasts for what is still to come in relation to either fallout or growth in relation to Section 232 and 301.
Requests to appear at the hearing should be filed by July 6. You can find out how to appear or otherwise participate here. You can also be heard in other ways. The commission is accepting written submissions as well. Those should be filed by August 24. You can do that here.
At RS Express, we’re dedicated to our clients and the issues that impact them. If you have any questions about this, or any other matter, please reach out to your representative.