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China Halves Additional Tariffs on US Goods

The Customs Tariff Commission of the State Council issued on 6 February 2020 the Announcement on Adjustment of Additional Tariffs on Some Imported Goods of US Origin (Announcement No. 1 [2020]), unveiling its decision to adjust the rates of additional tariffs as specified in the Announcement of the Customs Tariff Commission of the State Council on Imposing Additional Tariffs on Some Imported Goods of US Origin (Announcement No. 4 [2019]) with effect from 13:01 hours (Beijing time) on 14 February 2020.

  • The additional tariff rate for 270 products and 646 products respectively on List 1 and List 2 of Appendix 1 of Announcement No. 4 [2019] will be adjusted to 5% from 10%.
  • The additional tariff rate for 64 products and 737 products respectively on List 3 and List 4 of Appendix 1 of Announcement No. 4 [2019] will be adjusted to 2.5% from 5%.

Apart from the above adjustments, other additional tariff measures imposed on US goods will continue to be implemented as stipulated and work on tax exemptions for imports from the US will continue to proceed. The Customs Tariff Commission had announced on 15 December 2019 that additional tariffs of 10% and 5% on US$75 billion worth of US goods due to take effect that day would not be levied for the time being and that suspension of additional tariffs on US-made vehicles and auto parts will continue. The Commission is further adjusting the tariff countermeasures this time. The relevant considerations include the US announcement on 16 January 2020 on halving the 15% additional tariffs on Chinese products worth some US$120 billion imposed since 1 September 2019 to 7.5% starting from 14 February 2020.

Source: Customs Tariff Commission of the State Council

Content provided by Picture: HKTDC Research
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