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China to implement additional customs tariffs on US imports worth 75 billion USD

China to implement additional customs tariffs on US imports worth 75 billion USD

The State Council Custom Tariff and Tax Committee announced on August 23rd, 2019, their decision to raise the custom tariffs on US import products worth 75 billion USD. At the same time the committee decided to resume the custom tariffs on US cars and spare parts.

The US government previously announced on August 15th, 2019, their decision to raise the custom tariffs on Chinese products worth 300 billion USD by 10%. This policy will be implemented in two stages: September 1st, 2019, and December 15th, 2019. This decision further exacerbated the Sino-US trade war, damaging not only the trade profit of the USA and China, but other countries as well. The entire trade war threatens multi-lateral trade structures and the principle of free trade.

The decision to raise custom tariffs on Chinese products forced the Chinese government to respond. The list of US products that will be affected by the additional custom tariffs includes 5078 items. The estimated worth of these trade products is around 75 billion USD. The customs tariffs will increase by 10% or 5%, and this decision will also take effect in two stages: September 1st, 2019, and December 15th, 2019.