China Reply To US New Tariffs
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 firstname.lastname@example.org.
Ensure compliance, resolve difficulties, manage efficiencies and reduce duty.
CFSP Bureau Services
Customs Freight Simplified Procedures, a simplified electronic paperless gateway.
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...
With the increasing chances of a no deal Brexit, customs formalities and controls at the border between France and the UK could well be reinstated.French customs have issued guidance for UK businesses that move goods between the UK and France (and beyond), which...
Anti-Dumping Duty is an Import Duty charged in addition to Customs Duty that applies throughout the EU and while the UK are still members it applies to the UK as well.The implementation of this duty enables the EU to take action against goods sold at less than their...