(THIS ARTICLE IS COURTESY OF THE SHANGHAI ‘SHINE’ NEWS AGENCY)
China to slap additional tariffs on US
China has decided to impose additional tariffs on imported products from the United States worth about US$16 billion, according to an official statement released yesterday.
Approved by the State Council, its Customs Tariff Commission has decided to impose additional duties of 25 percent on the US$16 billion of US products after making proper adjustments to the second part of a list of the products subject to the tariffs. The additional duties will take effect on August 23.
Commenting on the decision, a spokesman for the Ministry of Commerce said it is totally unreasonable for the US to put domestic laws above international laws time and time again. To defend its legitimate rights and interests and the multilateral trade system, China was forced to take necessary countermeasures, said the spokesman.
The customs tariff commission said the list has been appropriately adjusted after taking into account the advice of related government departments, industry associations and enterprises to best protect the interest of domestic consumers and companies.
The commission also published a final version of the second part of the list on the website of the Ministry of Finance.
In June, the customs authority unveiled a list of products from the US worth US$50 billion that will be subject to additional tariffs in response to US announcement to impose additional duties on Chinese imports.
Additional duties on the US products in the first part of the list, worth US$34 billion, came into force on July 6.