Xinhua News Agency, Beijing, June 16 (Xinhua) The the State Council Customs Tariff Commission announced on June 16 that it would impose tariffs on 50 billion US dollars of imported goods originating in the United States. The full text is as follows:
On June 15, 2018, the US government issued a list of goods subject to tariffs, which will impose a 25% tariff on about 50 billion US dollars of goods imported from China, of which about 34 billion US dollars will be subject to tariffs from July 6, 2018, and at the same time, about 16 billion US dollars will be subject to public comments. This measure by the United States violates the relevant rules of the World Trade Organization, runs counter to the consensus reached through consultations between China and the United States, seriously infringes on our legitimate rights and interests and threatens the interests of our country and people.
According to People’s Republic of China (PRC)’s Foreign Trade Law, People’s Republic of China (PRC)’s Import and Export Tariff Regulations and other laws and regulations and the basic principles of international law, the State Council Customs Tariff Commission decided to impose a 25% tariff on 659 imported goods of about 50 billion US dollars originating in the United States, of which 545 goods of about 34 billion US dollars will be subject to tariff increase as of July 6, 2018, and the implementation time of tariff increase on other goods will be announced separately. The relevant matters are as follows:
1. For 545 commodities such as agricultural products, automobiles and aquatic products, tariffs will be imposed from July 6, 2018. See Schedule 1 for the specific commodity scope.
Two, for chemicals, medical equipment, energy products and other 114 commodities, the implementation time of tariff increase will be announced separately. See Schedule 2 for the specific commodity scope.
3. For the imported goods listed in Schedules 1 and 2 originating in the United States, a tariff of 25% will be levied on the basis of the current taxation method and the applicable tariff rate, and the current bonded and tax reduction and exemption policies will remain unchanged, and the additional tariffs will not be reduced.
Four, after the imposition of tariffs on import tax calculation formula:
Tariff = payable tariff calculated according to the current applicable tax rate+customs value × additional tariff rate.
Ad valorem fixed rate commodity import link consumption tax = import link consumption tax taxable value × consumption tax proportional rate.
Consumption tax on the import link of goods with fixed quantity = import quantity × consumption tax rate.
Consumption tax on import link of compound taxable goods = consumption tax on import link taxable value × consumption tax proportional rate+import quantity × consumption tax fixed rate.
Taxable value = (customs duty paid price+customs duty) ÷ (1-consumption tax proportional rate) for the consumption tax on the import of goods at ad valorem rate.
Taxable value = (duty paid price+tariff+import quantity × fixed consumption tax rate) ÷ (1-proportional consumption tax rate)
Import value-added tax = import value-added tax taxable value × import value-added tax rate
Import value-added tax taxable value = customs duty paid price+customs duty+import consumption tax.
Schedule 1 List of goods subject to tariffs on the United States and Canada
Schedule 2 List of Goods Imposed Tariff on the United States and Canada II
