China Reply To US New Tariffs

by | Sep 19, 2018

This week America imposed new tariffs on $200 billion worth of imports from China, reigniting a trade war between the two nations, which has resulted in China announcing $60 billion worth of tariffs on US products today.

The US tariffs confirmed on Monday were the biggest so far, and will apply to almost 6,000 items, including handbags, rice and textiles. Items such as smart watches and high chairs, which were expected to be targeted, have surprisingly been ignored.

The Chinese commerce ministry said that it had no choice but to retaliate and that it hoped the US would correct its behaviour. Shortly afterwards they announced their own tariff adjustments, which included products such as liquefied natural gas, produced in states loyal to Trump.

Unless the two countries come agreement, the US taxes will take effect on 24th September, starting at 10% and increasing to 25% from the beginning of next year.

This is not the first time this year that the US has put tariffs on Chinese products. Last month, the trade war intensified when the US brought in a 25% tax on goods worth $16bn.

This latest round of tariffs means that around half of all Chinese imports to the US are now subject to new duties.

To find out more about how Customs Insights can provide you with a competitive edge in your supply chain, then please call 01304 211652 or email enquiries@customsinsights.co.uk.

 

Follow Us:

Consultancy Services

Ensure compliance, resolve difficulties, manage efficiencies and reduce duty.

CFSP Bureau Services

Customs Freight Simplified Procedures, a simplified electronic paperless gateway.

More News…..

VAT With Or Without A Deal

VAT With Or Without A Deal

After last week’s acceptance of Boris Johnson’s deal in parliament, the EU followed up by agreeing a further extension to Brexit until 31 January 2019. While the deal was approved in principle, all options remain firmly on the table as parliament can still fail to get...

The Brexit Deal And Northern Ireland

The Brexit Deal And Northern Ireland

EU leaders backed and agreed a third extension to Brexit on Friday, and today confirmed a new deadline date of 31st January 2020.  This follows last week’s parliamentary votes to accept Boris Johnson’s deal but to refuse the short timescale. The deal is a modified...

UK Gov Issue No Deal Guidelines

UK Gov Issue No Deal Guidelines

While parliament remains in the middle of critical debates surrounding the no deal scenario, the UK Gov site has issued guidelines to businesses on how to prepare for the possibility.The guide outlines what steps UK businesses should take to be able to send and...

Share This