Today, May 13, 2019, China announced that it will increase tariffs imposed on about $60 billion of U.S. goods in retaliation of President Trump’s latest tariff increase on China Goods.
The tariffs will take effect on June 1, according to a statement on the Ministry of Finance’s website on Monday. The charges will thereby be raised on most of the goods listed on a previous retaliation list effective last September.
China’s retaliatory tariffs will be imposed at the following levels:
- 25% tariffs on 2,493 items from current 10%
- 20% tariffs on 1,078 items from current 10%
- 10% tariffs on 974 items from current 5%
- 5% tariffs to continue on 595 items. Auto parts, which were initially on the list but have been exempted since December, are still excluded
Mallory Alexander will continue to keep you updated as more information is made available. Please contact your Account Representative if you have any further questions.
Mallory Alexander’s consulting arm, M-PACT Solutions, is also available to assist with any inquiries regarding the new tariffs and classification questions regarding your products. Contact M-PACT Solutions at firstname.lastname@example.org.
Source: Bloomberg News