China imposes 40% tariffs on US cars

Import tariffs for certain types of vehicles imported from the US will be raised to 40% from July 6, according to the State Council.进口关税

The announcement, made earlier this week by the commission of?tariffs and customs, was part of an additional 25% new tariff on $34 billion worth of US goods in response to Washington’s decision to slap new tariffs on $50 billion worth of Chinese goods late last week.

“The US action violates the relevant rules of the World Trade Organization and runs contrary to the consensus reached in negotiations between the two parties. It damages the legitimate rights and interests of our country and people,” according to a statement from the commission.

China’s tariff plan will affect a total of $50 billion worth of 659 American goods, while $34 billion worth of goods will be subject to the 25% tariff increase from July 6. The list includes agricultural?products, automobiles, and aquatic products.

Last month, China decided to cut import tariffs on certain vehicles to 15% on July 1. This includes the current 25% tariff levied on 135 items and the 20% duty on four items.

Source: SMM