29 June 2018
China Imposes Retaliatory Tariffs on US$50 Billion Worth of US Imports
China is to impose additional import duties of 25% on some US$50 billion worth of US imports. The move, announced by the Customs Tariff Commission of the State Council, will affect 659 product categories and comes in response to the US government’s 15 June decision to impose a similar tariff on Chinese goods of an equivalent value.
In terms of more specific details:
- The additional tariffs on 545 US imports, including vehicles and aquatic/agricultural products, will be imposed as of 6 July
- Additional tariffs on a further 114 US imports, including medical equipment and chemical/energy products, will be imposed at an unspecified later date
- The additional 25% tariffs will be imposed in line with the current taxation method and tariff rates. The existing policies regarding bonded imports and tax exemptions/remissions remain in place, although no exemptions/remissions will apply in the case of the additional tariffs
For further details (in Chinese), please visit the following link: