The US will impose a tax on 550 billion US dollars on Chinas commodities: resolutely opposed

category:Finance
 The US will impose a tax on 550 billion US dollars on Chinas commodities: resolutely opposed


China decided to impose tariffs on about $75 billion of imports originating in the United States

On August 15, 2019, the U.S. government announced that it would impose a 10% tariff on some $300 billion of goods imported from China, which would be implemented in two batches starting from September 1 and December 15, 2019. The US measures have led to the escalation of Sino-US economic and trade frictions, greatly harming the interests of China, the United States and other countries, and seriously threatening the multilateral trading system and the principle of free trade.

In response to the above measures, China was forced to take countermeasures. In accordance with the Customs Law of the Peoples Republic of China, the Foreign Trade Law of the Peoples Republic of China, the Import and Export Tariff Regulations of the Peoples Republic of China and other basic principles of international law, and with the approval of the State Council, the Customs and Tariff Commission of the State Council has decided to add 5,078 items of tax originating in the United States and about $75 billion of goods. Tariffs of 10% and 5% will be levied in two batches starting at 12:01 on September 1 and 12:01 on December 15, 2019.

Notice of the Tariff and Tax Commission of the State Council on the imposition of tariffs on some imported goods (the third batch) originating in the United States

On August 15, 2019, the U.S. government announced that it would impose a 10% tariff on some $300 billion of goods imported from China, which would be implemented in two batches starting from September 1 and December 15, 2019. The US measures have led to the escalation of Sino-US economic and trade frictions, greatly harming the interests of China, the United States and other countries, and seriously threatening the multilateral trading system and the principle of free trade.

In accordance with the Customs Law of the Peoples Republic of China, the Foreign Trade Law of the Peoples Republic of China, the Import and Export Tariff Regulations of the Peoples Republic of China and other basic principles of international law, the Tariff Principles Committee of the State Council has decided to impose tariffs on 5078 items of imported goods originating in the United States and about $75 billion. Relevant matters are as follows:

1. Since 12:01 on September 1, 2019, a 10% tariff has been imposed on 270 items listed in the first part of Annex 1, 646 items listed in the second part of Annex 1, 5% on 64 items listed in the third part of Annex 1 and 5% on 737 items listed in the fourth part of Annex 1. Tax.

2. Since 12:01 on December 15, 2019, a 10% tariff has been imposed on 749 items listed in the first part of Annex 2, on 163 items listed in the second part of Annex 2, on 634 items listed in the third part of Annex 2, and on 1815 items listed in the fourth part of Annex 2. Tariffs.

3. For imported goods originating in the annexes of the United States, corresponding tariffs shall be levied separately on the basis of the current applicable tariff rates. The existing policies of bonding, reduction and exemption shall remain unchanged, and the tariffs levied shall not be reduced or exempted.

Tariff Rate = Tariff Duty Price * Tariff Rate

Tariff = Tariff Duty Added + Tariff Duty Calculated at Current Applicable Tax Rate

Value-added tax and consumption tax on import links shall be levied in accordance with relevant laws and regulations.

The State Council Tariff and Tax Commission issued a public announcement deciding to impose tariffs on the restoration of automobiles and parts originating in the United States.

On December 14, 2018, the Tariff and Tax Commission of the State Council issued a notice suspending tariffs on automobiles and parts originating in the United States for three months from January 1, 2019. On March 31, 2019, the Tariff and Tax Commission of the State Council issued a notice that from April 1, 2019, tariffs on automobiles and parts originating in the United States will continue to be suspended and the deadline for suspending tariff measures will be notified separately.

On May 9, 2019, the U.S. government announced that, starting May 10, 2019, the tariff rate on goods imported from China with a list of $200 billion increased from 10% to 25%. On August 15, 2019, the U.S. government announced that it would impose a 10% tariff on some $300 billion of goods imported from China, which would be implemented in two batches starting from September 1 and December 15, 2019. The above measures led to the escalation of Sino-US economic and trade frictions, contrary to the consensus of Argentina and Osaka.

In order to safeguard the multilateral trading system and safeguard their legitimate rights and interests, in accordance with the Customs Law of the Peoples Republic of China, the Foreign Trade Law of the Peoples Republic of China, the Import and Export Tariff Regulations of the Peoples Republic of China and other basic principles of international law, and with the approval of the State Council, the Customs and Tax Principles Committee of the State Council has decided From 12:01 on December 15, a 25% and 5% tariff was imposed on the recovery of automobiles and parts originating in the United States.