China’s State Council Customs Tariff Commission decided to impose tariffs on 5,207 tax items imported from the United States. The measure involves an import trade volume of approximately US$60 billion from the United States. The relevant matters are as follows:
1. Add 25% tariff to 2,493 items of tax items listed in Annex 1, add 20% tariff to 1,078 items of tax items listed in Annex 2, and impose 10% tariff on 974 items of goods listed in Annex 3. A 5% tariff is imposed on the 662 items of tax items listed in Annex 4. The specific product ranges are shown in Annexes 1 to 4.
2. For the imported goods listed in the annexes originating in the United States, the corresponding tariffs shall be levied on the basis of the current taxation method and applicable tariff rate. The current taxation, tax reduction and exemption policies shall remain unchanged, and the tariffs imposed shall not be reduced.
3. The calculation of relevant import taxes:
Adding tariff tax = customs duty-paid price × increasing tariff rate
Tariff = taxable duty calculated at current applicable tax rate + additional tariff
The import value-added tax and consumption tax shall be calculated in accordance with relevant laws and regulations.
Fourth, the implementation date will be announced separately.
Links to Annex 1 – 4 (Google English Translation)
Annex 1 – List of 25% tariff items for the United States and Canada
Annex 2 – List of 20% tariff items for the United States and Canada
Annex 3 – List of 10% tariff items for the United States and Canada
Annex 4 – List of 5% tariff items for the United States and Canada
Source: China’s State Council Tariff Commission (August 3, 2018)
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