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China to levy more tariffs to US imports, automobiles temporarily unaffected

From:Internet Info Agency 2019-05-14 12:38:29

On Friday, Trump administration announced 10% to 25% tariffs on $200 billion worth of Chinese imports. On Monday, IIA learnt from the Ministry of Finance, PRC, that in order to defend the multilateral trading system and legitimate rights and interests, China has to levy more tariffs on some US imports.

In accordance with Foreign Trade Law of the People's Republic of China, Regulations of the People’s Republic of China on Import and Export Duties and other laws and regulations and the basic principles of International Law, China’s Customs Tariff Commission of the State Council decided that since June 1, 2019, the rates of duties on a number of goods imported from the US totaling $ 60 billion will be increased and will total from 10 to 25%. The items that were already subject to a 5% tariff will stay.

In this list of additional tariff goods, the additional tariff of 25% will be levied against 2,493 goods, of 20% on 1,078 products and of 10% on 974 items. Among them, products related to automobiles mainly involve tires and other parts. It is expected that the price of the whole vehicle is expected to be slightly adjusted, but there will be no significant changes in the near future.

At present, in addition to the US$200 billion tariff on Chinese imports, the US has increased its tariffs from 10% to 25%. It also announced that it will further extend the tariff on Chinese goods to the tune of US$325 billion.

How will China respond to? IIA will stay tuned.

Editor:Wang Lei