All walks of life in the United States strongly oppose raising tariff rates on Chinese imports to the United States

category:Finance
 All walks of life in the United States strongly oppose raising tariff rates on Chinese imports to the United States


This is a big mistake.

American business circles have sharply criticized the U.S. position, warning that the escalation of economic and trade frictions will damage U.S. enterprises and the broader economy, while claiming that requiring U.S. enterprises to leave China poses a new threat to U.S. multinationals.

On that day, the Dow Jones index fell more than 600 points. Gary Shapiro, president and CEO of the Consumer Technology Association of America, lamented, Thats enough! Today, the Dow Jones Industrial Average fell 623 points, proving that the market is faltering because of fears of a recession. The escalation of economic and trade frictions will only bring more pain to the United States. The imposition of tariffs on Americans has led us to the wrong economic path and damaged our global status. This is a major mistake. How long will the financial burden of this misguided trade policy be borne by American families, businesses and society?

Bo Mailun, executive vice president of the American Chamber of Commerce and head of international affairs, issued a statement saying that the economic and trade relations between the United States and China over the past 40 years are to a large extent fruitful, constructive and mutually beneficial. American enterprises have always been participants in Chinas economic development. Chinas development benefits the people of both countries. We dont want to see the relationship between the United States and China deteriorate further. David Franch, senior vice president for government relations at the National Retail Federation, said: The governments decision to impose tariffs clearly did not work, and the solution could not be to make American businesses and consumers bear higher taxes. Where does this end? In a statement issued by the National Association of Retail Leaders, the U.S. sides rising tariffs have disrupted the U.S. market. Uncertainty will spread from Wall Street to the general public. It will be American consumers, not China, who will suffer. It calls for an end to the economic and trade frictions before the damage is irreversible. Raising tariff rates will be a disaster for American consumers, businesses and the economy, said Rick Helfenbain, president of the National Association of Clothing and Footwear Industries.

For American farmers, the pain of economic and trade frictions is increasing every week, the American Agricultural Industry Organization Farmers for Free Trade said in a statement. Most of the agricultural areas feel the outlook is bleak and anger is spreading. As bankruptcies and defaults increase, people are becoming more and more disappointed.

Damage to domestic and global economic growth in the United States

Recently, the view that the United States may fall into recession because of protectionist policies and economic and trade frictions has been frequently seen in the major media in the United States. Many economists say that raising tariff rates on Chinese goods imported to the United States may raise the purchase prices of various goods, from mobile phones and video game consoles to clothing and shoes. Meanwhile, there are signs that U.S. economic growth is slowing, including declining corporate profits and job creation. Paul Ashworth, chief US economist at Kaishou Macro, argues that the additional tariff on Chinese imports of about $550 billion is equivalent to a tariff of about $27 billion on American consumers. The greater threat is that fears about when and whether economic and trade frictions will end have caused great panic.

American importers and consumers are bearing the burden of tariffs. Gita Gopinat, chief economist of the International Monetary Fund, said recently, Tariff increases are unlikely to solve the overall trade imbalance in the United States. On the contrary, they may undermine corporate confidence and investment, disrupt global supply chains, increase costs for producers and consumers, and consequently damage the domestic and global economy of the United States. Economic growth.

(Washington, August 24)

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.

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.

IV. Taxation of related import taxes:

Tariff Rate = Tariff Duty Price * Tariff Rate

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

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.