China clarifies tariff hike rate, exemption issues for listed US imports – Xinhua
|Following China’s step back from September 01 tariff hike, a retaliation to the US trade protectionism, Xinhua quotes China’s Customs Tariff Commission of the State Council while sharing details of tariff hike rate, exemption issues for listed US imports.
The news report mentions that imports from the United States (US) that appear more than once on China's tariff hike lists will be subject to the combined tariff rates.
Key quotes
China will resume imposing additional tariffs of 25 percent or 5 percent on American-made vehicles and auto parts starting from 12:01 p.m. on Dec. 15. These products will also be subject to the additional duties of the latest tariff countermeasure.
Products gaining the approval for tariff exemption under the first and the second rounds of countermeasures will be exempt from all rounds of tariff countermeasures against U.S. 301 measures, the statement said.
Products not included in the exemption application lists of the first and second-rounds of countermeasures will be included the exemption application lists of the third-round of countermeasures. The exemption application process will be disclosed later, the statement said.
FX implications
Given the nature of the news, no market reaction could be witnessed. Though, details suggest a failure of the September trade talks between the US and China will be a costly affair for the US goods and exerts pressure on the US lawmakers while discussing issues with the dragon nation.
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