Japan, which suffered economic coercion from China earlier than any other country, is largely on the same page as the U.S. when it comes to supply chain resilience and restrictions on exports, but the two diverge in their attitudes about China's role in the global economy.
Both Asian countries and American businesses had hoped that the Indo-Pacific Economic Framework could be a step on the road to lowering tariffs, trade experts said during a webinar on the future of IPEF, but now they're wondering if there will be any economically significant effect at all from talks about trade facilitation, green transition and supply chain resilience.
China again extended its Section 301 retaliatory tariff exclusion period for 12 U.S. agricultural products, including certain shrimp, whey, fishmeal, alfalfa and hardwood products, USDA’s Foreign Agricultural Service said in a recent report. The exclusions, which were set to expire Dec. 31, will continue through July 31. Beijing originally imposed the tariffs in retaliation for Section 301 tariffs announced by the Trump administration on certain Chinese goods.