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State Council Tariff Commission issued a notice to increase the tariff rate on some imported goods originating in the United States – News – China Securities Network

Xinhua News Agency, Beijing, May 13th

The State Council Customs Tariff Commission issued an announcement on the 13th. On May 9, 2019, the US government announced that since May 10, 2019, the tariff rate imposed on the $200 billion list of goods imported from China has been increased from 10% to 25 %. The above-mentioned measures by the US have led to an escalation of Sino-US economic and trade frictions, which violates the consensus of China and the United States to resolve trade differences through consultations, which harms the interests of both sides and does not meet the general expectations of the international community. In order to defend the multilateral trading system and defend its legitimate rights and interests, China has to adjust tariffs on some imported goods originating in the United States.

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, approved by the Party Central Committee and the State Council, the State Council Customs Tariff Commission decided that since 0:00 on June 1, 2019, For the part of the US$60 billion list of US goods that have been imposed with tariffs, increase the tariff rate and impose a tariff of 25%, 20% or 10% respectively. For tariff items that have previously been subject to a 5% tariff, 5% tariffs will continue to be imposed.

China’s adjustment of tariff-adding measures is a response to US unilateralism and trade protectionism. The Chinese side hopes that the US will return to the correct track of bilateral economic and trade consultations and work together with China to move toward each other and strive to reach a mutually beneficial and win-win agreement on the basis of mutual respect.

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