The Sino-US trade war that has been going on for a while has changed again, and the Chinese side has gradually counterattacked. On August 3, the Ministry of Finance website issued the "Notice of the Customs Tariff Commission of the State Council on Adding Tariffs to Certain Imported Goods Originating in the United States (Second Batch)" to counter the previous US tax on China's 200 billion US dollars. 25% tariff measures.
Counterattack! China imposes tariffs on 5,207 tax items imported from the United States, involving 60 billion trades.
On August 3, 2018, the Ministry of Finance issued a notice to the State Council Customs Tariff Commission on the Importation of Tariffs on Certain Imported Goods Originating in the United States (Second Batch). The full text is as follows:
On July 11, 2018, the US government issued measures to impose tariffs on imports of about 200 billion US dollars of goods imported from China, and solicited public opinions on the measures.
On August 2, the US announced that it would increase the tariff rate imposed on the above-mentioned 200 billion US dollars of goods from 10% to 25%. The US measures have deviated from the consensus of the two sides, leading to an escalation of trade friction between China and the United States, serious violations of relevant rules of the World Trade Organization, and damage to our national interests and people's interests.
According to the "People's Republic of China Foreign Trade Law", "People's Republic of China Import and Export Tariff Regulations" and other laws and regulations and the basic principles of international law, the 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 2493 items of tax items listed in Annex 1, add 20% tariff to 1078 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.
Pulp, cultural paper, newsprint, wrapping paper, specialty paper, household paper, and Paper Products are all covered.
In the list of tariffed goods, the products related to the paper industry are mainly concentrated in the 5%, 20% and 25% products, covering pulp, cultural paper, newsprint, wrapping paper, specialty paper, and daily life. Paper and paper products, etc. The project is basically similar to the paper industry products that the United States recently announced to impose tariffs on China. See: 223 Chinese paper and cardboard products listed in the US new tariff list.
It is a good thing that the waste paper is not on the list of tariffs, which will help stabilize the price of domestic waste paper raw materials. In addition, the increase in tariffs will help curb the impact of low-priced packaging paper and cultural paper on the domestic market.
Among the list of 5% added products, the most important products are wood pulp, including 12 types of products. The original import tariffs of these products are basically zero. In addition, there are some wrapping papers, specialty papers and paper products.
Among the list of 20% added products, mainly household paper, specialty paper, some cultural papers and paper products. The tariffs on these products were originally around 5%.
In the list of 25% added products, including newsprint, some cultural paper, corrugated paper, cardboard paper and some paper products. The original tariffs for these products are mostly between 5% and 7.5%.
In addition to the products mentioned above, some of the papermaking chemicals, papermaking equipment, etc. are included in the list of tariffs, which are not listed here.
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