Chinese Mining Hardware Manufacturers to Fall Under US Tariff Increases | | Cryptocurrency news. Breaking news on cryptocurrency.
Major Chinese mining hardware manufacturers could fall under new U.S. tariffs on Chinese-manufactured goods, reaching as high as 25 percent. Major mining hardware producers, such as Bitmain, Canaan and Ebang, could be affected by recently imposed U.S. sanctions on Chinese goods, Hong Kong's English-language newspaper South China Morning Post (SCMP) reports Tuesday, Oct. 16.Analysts cited by SCMP believe these tariffs could possibly affect China's major mining hardware producers, as the technology was reclassified by the office of the United States Trade Representative (USTR) to fall under a stricter tariff regime.This summer the Trump administration significantly increased U.S. tariffs on more than 250 Chinese goods. In June, the USTR reclassified Bitmain's Antminer S9 as an "electrical machinery apparatus," subjecting it to a 2.6 percent tariff. Additional tariffs were introduced in August, when fees were increased up to 25 percent on $267 billion of Chinese-made imports.The 25
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