China to impose additional tariffs on $16 bln of US imports - Pakistan News Digest

China to impose additional tariffs on $16 bln of US imports

China has decided to impose additional tariffs on imported products from the United States worth about 16 billion U.S. dollars, according to an official statement released Wednesday.

Approved by the State Council, the Customs Tariff Commission of the State Council has decided to impose additional duties of 25 percent on the 16-billion-dollar U.S. 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 at 12:01 on Aug. 23, 2018.

Commenting on the decision, a spokesperson for the Ministry of Commerce said that it is totally unreasonable for the United States 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 spokesperson.

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.

Alongside the statement, the commission 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 United States worth 50 billion U.S. dollars that will be subject to additional tariffs in response to U.S. announcement to impose additional duties on Chinese imports.

Additional duties on the U.S. products in the first part of the list, worth 34 billion U.S. dollars, came into force on July 6.

Source: Radio Pakistan

   

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