On July 11, 2018, the U.S. government announced a 10% tariff on approximately $200 billion of goods imported from China. On August 2, the U.S. Trade Representative announced that it planned to increase the tax rate from 10% to 25%. The United States has deviated from the consensus reached through multiple consultations between the two sides and unilaterally escalated trade friction again, seriously violated the rules of the World Trade Organization, undermined the global industrial chain and free trade system, substantially harmed the interests of our country and people, and will also have a negative impact on the world economy, including the United States. development has a negative impact.
In response to the above-mentioned measures by the United States, China was forced to take countermeasures. In accordance with the “Foreign Trade Law of the People’s Republic of China”, the “Import and Export Tariff Regulations of the People’s Republic of China” and other laws and regulations and basic principles of international law, and with the approval of the State Council, the Tariff Commission of the State Council decided to impose approximately 60 billion U.S. dollars on 5,207 tax items originating in the United States. Additional tariffs ranging from 25%, 20%, 10%, and 5% are imposed. If the U.S. insists on going its own way and puts its tariff increases into effect, China will implement the above-mentioned tariff increases immediately.
China has adopted the above-mentioned tariff increase measures to safeguard its legitimate rights and interests and curb the escalation of trade friction through countermeasures. At the same time, relevant measures are also intended to minimize the impact on my country’s domestic production and people’s daily needs. After the above measures are implemented, relevant departments will evaluate the effectiveness of the measures together with all sectors of society and strive to minimize the impact of the measures on my country’s domestic production and life.
China promises to continue to unswervingly promote reform and opening up in accordance with the established deployment and rhythm, firmly support economic globalization, firmly safeguard the principles of free trade and the multilateral trading system, and develop and share common interests with all countries in the world that pursue progress. Prosperity.
