China prices are rising. Pro tip: get your Christmas shopping done before Dec. 15.
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The other is biotech. That's next in line with China and the U.S. nearly neck-in-neck for worldwide patents for genome editing drugs for cancer and other diseases. The U.S. Trade Representative maintains four lists of excluded items based on the international Harmonized Tariff System code. Items on list 1 and 2 are no longer open to exemption requests by new companies. Companies will have to know their HTS code to see if exemptions were granted for that specific product already to another company.China tech giant Huawei's founder Ren Zhengfei. Washington believes Huawei got so big by stealing tech secrets from Cisco Systems. Now they are fighting back.
Nick Marro, global trade leader at The Economist Intelligence Unit, wrote in a report on Thursday titledthat he doubts Trump hikes tariffs to 25% as he did with the 10% tariffs on $200 billion worth of goods around the same time last year. He gives it a 40% chance. "Businesses should prepare for a prolonged conflict and be aware that the trade war could escalate in other ways," he says.The first action will cover roughly 40% of goods within the list of $300 billion now in the crosshairs.
As a result, imported goods from China will be seeing duties double or triple over the course of the next four months.Most U.S. exports to China are already subject to retaliatory Chinese duties anyway. Moreover, they already pay higher port taxes than China goods once paid to enter the U.S."Every company I'm working with is looking at moving," says Enslen."For some it’s a no-brainer. For others, it’s a stretch to think you can up and move.
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