Bikes Prices Could Skyrocket Soon, Here’s Why
Cycling is an expensive sport, and the cost of buying a new bike could soon go up because of pending government regulations.
The U.S. Trade Representative (USTR) office recently announced that tariffs (fees) charged on select products imported from China would be suspended for an additional year. However, some of the 429 products that boast this benefit will soon be excluded from the tariff exclusion list.
After a thorough review of the statutory report on Section 301 tariffs, and having considered my advice, President Biden is directing me to take further action to encourage the elimination of the People’s Republic of China’s unfair technology transfer-related policies and practices that continue to burden U.S. commerce and harm American workers and businesses,” explained Katherine Tai, U.S. Trade Representative according to a USTR press review.
Tai’s comments followed the release of a statutory Section 301 four-year review that looked at everything from the effectiveness of tariffs to the effect on the U.S. economy. During this time, tariff extensions that were set to expire on May 31, 2024, were instead extended through June 14.
