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China announces tariffs on US$50 billion in U.S. goods, epoxy resin involved

  • Categories:Industry News
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  • Time of issue:2018-08-03 15:20
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(Summary description)On June 15, 2018, in accordance with the “Foreign Trade Law of the People’s Republic of China”, “Regulations on Import and Export Tariffs of the People’s Republic of China” and other laws and basic pr

China announces tariffs on US$50 billion in U.S. goods, epoxy resin involved

(Summary description)On June 15, 2018, in accordance with the “Foreign Trade Law of the People’s Republic of China”, “Regulations on Import and Export Tariffs of the People’s Republic of China” and other laws and basic pr

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2018-08-03 15:20
  • Views:
Information

On June 15, 2018, in accordance with the “Foreign Trade Law of the People’s Republic of China”, “Regulations on Import and Export Tariffs of the People’s Republic of China” and other laws and basic principles of international law, with the approval of the State Council, the Tariff Commission of the State Council issued an announcement and decided to An additional 25% tariff was imposed on 659 items of about 50 billion U.S. dollars in imported goods. Among them, 545 items of about 34 billion U.S. dollars in agricultural products, automobiles, and aquatic products will be subject to additional tariffs on July 6, 2018.

According to the list of goods subject to tariffs on the United States, tar-based asphalt, tar-based pitch coke, naphtha, rubber solvent oil, paint solvent oil, solvent oil, petroleum asphalt, natural asphalt (asphalt), emulsified asphalt, and others Supported catalysts, other reaction initiators, reaction promoters, catalysts, other primary shapes of ethylene polymers, other primary shapes of acrylic polymers, other primary shapes of polyethers, primary shapes of epoxy resins, and primary shapes of polycarbonate , Other polyesters, aromatic polyamides and their copolymers and other chemicals are involved.

According to Reuters, US President Trump threatened on June 18 to impose a 10% tariff on China's 200 billion US dollars of goods, which will exacerbate trade war tensions. Trump said in a statement that he had asked the U.S. Trade Representative to determine that Chinese products would be subject to the new tariffs. This was in retaliation for China’s increase of US$50 billion in tariffs on U.S. goods. He said, “After the legal process is completed, If China refuses to change its practices, and if it still insists on introducing new tariffs recently announced, these tariffs will take effect.

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