Business

China to unveil list of products eligible for tariff exemption

China announced Monday that it will compile and release a list of imported U.S. products eligible for exclusion from the additional tariffs after examining the applications of relevant interest parties on a trial basis.The exemption will be valid within one year after the release of the exemption list, according to the Customs Tariff Commission of the State Council.Based on facts and data, the applications must be able to reveal the difficulties in seeking substitute products, the severe economic damages suffered by applicants, the major negative structural impact on relevant industries including that on industrial development, technical advancement, employment and environmental protection, or serious social consequences, the commission said.Firms in China that import, produce or use the relevant products, or the industrial associations of such firms are eligible to make an application.In response to the U.S. move to increase tariffs on 200 billion U.S. dollars worth of Chinese goods from 10 percent to 25 percent as of May 10, China on Monday announced that it will raise the rate of additional tariffs imposed on some of the imported U.S. products from June 1.China had earlier imposed additional tariffs on 60 billion U.S. dollars worth of U.S. imports, the rates of additional tariffs on some of the products will now be increased to 25 percent, 20 percent, and 10 percent.Source(s): Xinhua News Agency

Related posts

As ‘Unicorns’ Emerge, Utah Makes a Case for Tech Entrepreneurs

epoekie

Opinion: US economy increasingly relies on China’s economic stability

epoekie

Chinese, U.S. chief trade negotiators agree to strengthen cooperation

epoekie

Food goes digital: Online grocery shopping becomes popular

epoekie

The South Park Commons Fills a Hole in the Tech Landscape

epoekie

Pakistan, IMF agree on $6 billion loan package

epoekie

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More