A few weeks after the China-US trade agreement was signed, Beijing announced that it would cut by half the additional customs duties on 75 billion USD in US products.
In practice, depending on the product, rights will pass from 10 to 5 % or Five to 2.5%.
Main targeted products: seafood, poultry, soybeans and certain types of aircraft or tungsten lamps used in medical research.
This Decision will take effect on 14 February 2020 1:00 p.m. Beijing time.
It is also on that date that the United States will reduce additional import tariffs on goods of Chinese origin from List 4A from 15% to 7.5%. This reduction would cover USD 120 billion in Chinese products.
The Chinese State Affairs Council Customs Tariff Commission added that other additional duty measures would continue to be applied and that work on the US import tax exemption would continue.
- Further information:USA/China: Phase 1 of the Trade Agreement launched
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- Contact our experts global supply chain management to design and manage your import/export and cross-trade scenarios at the start, via or to the United States!
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Source(s): international mail.com