Business
07:53, 16-Jun-2018
China decides to impose additional tariffs on $50 bln of US imports
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China has unveiled a list of products from the United States that will be subject to additional tariffs in response to US announcement to impose additional duties on Chinese imports.
Approved by the State Council, the Customs Tariff Commission of the State Council has decided to impose additional duty of 25 percent on 659 items of US products worth about 50 billion US dollars.
Additional tariffs for 545 items worth about 34 billion US dollars, including agricultural products, vehicles and aquatic products, will be effective from July 6, 2018, according to a statement of the commission.
The implementation date for imposing additional tariffs on the remaining 114 items, covering chemical products, medical equipment and energy products, will be announced later.
The decision has been made in line with relevant stipulations of the Foreign Trade Law of China and the Regulations of the People's Republic of China on Import and Export Duties, as well as the fundamental principles of international laws, said the statement.
On Friday, the United States announced additional tariffs of 25 percent on Chinese imports worth approximately 50 billion US dollars.
From July 6, additional tariffs will be levied on some 34 billion US dollars worth of Chinese products. Meanwhile, the other 16 billion dollars worth of Chinese products will undergo further review in a public notice and comment process.
"The US move violates the relevant rules of the World Trade Organization, goes against the consensus already reached in bilateral economic and trade consultations, seriously infringes upon the legitimate rights and interests of the Chinese side and undermines the interests of China and its people," said the statement. "The Chinese side firmly opposes that."
An official in charge of the Office of the Customs Tariff Commission said that the additional tariffs targeting Chinese goods, once imposed, would "substantially change" the trade conditions of these goods, and affect relevant producers and trade companies as well as the production and operation of the upstream and downstream industries.
The official said the Chinese action was taken in response to the emergent circumstances caused by the US violations of international obligations.
China has noticed the US statement that it will continue to impose additional tariffs if China takes retaliatory measures. China reserves its rights to take corresponding measures, according to the official.
Source(s): Xinhua News Agency