China has decided to impose tariffs on US $50 billion imports! (with list and official interpretation)

"related reading: [heavyweight] the announcement by the United States of America to impose Chinese tariffs triggered a near-all-line dive in metals.

The announcement said: this measure by the US side violates the relevant rules of the World Trade Organization, runs counter to the consensus reached in the economic and trade consultations between China and the United States, seriously infringes upon our legitimate rights and interests, and harms the interests of our country and people. In accordance with the Foreign Trade Law of the people's Republic of China, the regulations of the people's Republic of China on Import and Export tariffs and other laws and regulations and the basic principles of international law, with the approval of the State Council, the Customs tariff Commission of the State Council issued a public announcement A tariff of 25 per cent has been imposed on about 50 billion US dollars of imports originating in the United States, of which 545 items, such as agricultural products, automobiles, aquatic products, and so on, have been subject to tariffs of about 34 billion US dollars since July 6, 2018. The implementation time of imposing tariffs on other commodities shall be announced separately.

The relevant matters are as follows:

1. tariffs shall be imposed on 545 commodities, such as agricultural products, automobiles and aquatic products, with effect from July 6, 2018, the scope of which is set out in schedule 1.

2. for 114 commodities, such as chemicals, medical equipment and energy products, the implementation time of the imposition of tariffs shall be announced separately, and the specific scope of commodities is set out in schedule 2.

3. for the imports listed in schedules 1 and 2 originating in the United States, a tariff of 25% shall be imposed on the basis of the current mode of taxation and the applicable tariff rate, and the current bonded, tax reduction and exemption policies shall not be changed, and the tariffs imposed this time shall not be reduced or reduced.

4. the formula for calculating the import tax after the imposition of tariffs:

Tariff = amount of tariff payable at the current applicable rate + tariff value x tariff rate

Ad valorem rate Commodity Import consumption tax = Import consumption tax calculation Price × consumption tax proportional tax rate

Ad valorem quota commodity import link consumption tax = import quantity × consumption tax quota tax rate

Compound tax Commodity Import consumption tax = Import consumption tax Price × consumption tax proportional tax rate + Import quantity × consumption tax quota tax rate

Ad valorem rate commodity import link consumption tax calculation price = (tariff payment price + tariff) / (1-consumption tax proportional tax rate)

Compound tax commodity import link consumption tax price = (tariff payment price + tariff + import quantity × consumption tax quota rate) / (1-consumption tax proportional tax rate)

Import link value-added tax = import link value-added tax price × import link value-added tax rate

Import link VAT tax price = customs duty payment price + tariff + import link consumption tax

Schedule:

1. List of goods subject to tariffs imposed on the United States and Canada

2. List of goods subject to tariffs imposed on the United States and Canada II

Interpretation by the relevant responsible person of the Office of the tariff Commission of the State Council on the imposition of tariffs on some imports from the United States:

On June 15, 2018, the US Government announced that it would impose a 25 per cent tariff on about US $50 billion worth of goods imported from China, of which about US $34 billion would be imposed on goods with effect from July 6, 2018. At the same time, about $16 billion in tariffs on goods began to seek public opinion. The US side's actions violate the relevant rules of the World Trade Organization, run counter to the consensus reached in the economic and trade consultations between China and the United States, seriously infringe upon our legitimate rights and interests, and harm the interests of our country and people, which China firmly opposes.

The 25 per cent tariff imposed by the US side on thousands of Chinese goods worth about US $50 billion will substantially change the terms of trade of these goods with the United States and affect the production and operation of the production and trading enterprises of these commodities, as well as their upstream and downstream affiliated enterprises. To this end, with regard to the above-mentioned emergency caused to China by the United States in violation of its international obligations, China, in accordance with the basic principles of international law, In accordance with the provisions and authorization of laws and regulations such as the Foreign Trade Law of the people's Republic of China, the regulations of the people's Republic of China on Import and Export tariffs, and other laws and regulations, it has been decided to impose a tax on imports of the same amount from the United States to safeguard their legitimate rights and interests.

China notes that the United States has issued a statement saying that if China takes retaliatory measures, the United States will continue to impose additional tariffs. In this regard, China will reserve the right to take corresponding measures.

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