Since July 2018, the U.S. has been imposing tariffs on goods imported from China based on Section 301 of the Trade Act of 1974. These Section 301 tariffs were imposed after the United States Trade Representative (USTR) conducted an investigation and determined that China’s acts, policies and practices regarding technology transfer, intellectual property and innovation were unreasonable and discriminatory and burdened or restricted U.S. commerce, according to The National Law Review.
The tariffs impact roughly $550 billion of goods that are imported from China every year. Specific taxes on certain imported goods, the tariffs affect a wide range of goods that includes everything from engines and farming equipment to dairy products and raw materials like silicone and petroleum.
