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U.S. Delays Section 301 Tariff Increase After Mainland China Provides Tariff Exclusions for U.S. Goods

Mainland China announced this week the first exclusions from its additional 25 percent tariff on imports of U.S. goods. President Trump then delayed from 1 October to 15 October an increase from 25 to 30 percent in the Section 301 additional tariff on US$250 billion worth of goods imported from the mainland.

Mainland China’s tariff exclusions for 12 separate tariff lines covering various agricultural, lubricating, drug and certain other products will take effect on 17 September and remain valid for one year. Mainland Chinese importers will be eligible for refunds of the additional tariffs paid on these goods and will have six months to apply. Four additional products will also be excluded from the tariff for one year as of 17 September but there will be no refunds on tariffs already paid.

Following these tariff exclusions, President Trump announced that “as a gesture of good will” he will delay from 1 October to 15 October the planned increase from 25 percent to 30 percent of the Section 301 additional tariff on List 1, 2 and 3 goods from mainland China.

Content provided by Picture: HKTDC Research
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