China formally announced its retaliation tariffs, in response to the tariffs on USD 200B in Chinese imports announced by USTR yesterday. In short, the tariffs will be effective at 12:01 local time on September 24. Total amount of American good involved values at USD 60B, Tariff rates are at 5% and 10%, much lower than prior proposed 5-25%.
China’s announce was made through the Ministry of Finance. 2493 lines of products in Annex 1 and 1078 lines of products in Annex 2 will be subject to 10% tariffs. 974 lines in Annex 3 and 662 lines in Annex 4 will be charged 5% tariffs.
Statement in simplified Chinese here.
Separately, China has also filed another complaint to the WTO regarding the new US tariffs.
Yesterday, the USTR announced 10% tariffs on USD 200B of Chinese imports, effect September 24, 2018. Starting January 1, 2019, the tariff rate will be increased to 25%.
