The Ministry of Finance announced additional customs duty tariffs of up to 25% would be imposed on numerous products imported into China from the United States.
According to a Ministry of Finance release (Chinese), the new customs tariffs would be imposed in response to new tariffs being proposed on Chinese imports by the United States.
Previously, it was announced that China would begin to collect additional duties on products imported from United States including agricultural products, vehicles, and aquatic products, and in a second round, additional duties on imported products from United States including chemical products, medical equipment, and energy products. The United States then announced in early August 2018 that an additional 25% customs duty would be imposed on U.S. $200 billion of imports from China. Read TradeNewsFlash
China responded with the new lists of products and customs duties subject to the proposed increased customs duties (ranging from 5% up to 25%) in an August 2018 release from the Ministry of Finance.
For more information, contact a KPMG trade and customs professional in China:
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