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 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…..
Changes Affecting Northern Ireland Traders: Action Required for Duty Deferment Accounts
HMRC is making significant changes that will affect Northern Ireland traders, and these changes could disrupt supply chains, especially in the crucial week before Christmas. Here are the key points to take away: 1. Linking Duty Deferment Accounts (DDA) to EORI...
Change in NCTS5 Implementation Date Announced
The Common Transit Convention (CTC) authority has extended the transition period for NCTS Phase 5 due to requests from several countries and industry submissions. After careful consideration, the UK has decided to adopt this extension, and the new implementation date...
Trader Support Service Contract extended until 2024
HMRC has confirmed the extension of the Trader Support Service until 31 December 2024. This reaffirms the commitment of HMRC and the UK government to provide long-term support for traders moving goods between Great Britain and Northern Ireland, in alignment with the...