China cuts trade war tariffs on USA imports
China cuts trade war tariffs on USA imports
On 1 September 2019, China imposed an additional 5% tariff on USD 74 billion worth of USA imports as the trade spat between the two countries escalated. At the time, trade war tariffs on the 1,717 products imported from the USA have already stood at 25%, sending the total tariffs rates to 30%.
However, as the world’s two largest economies inked the Phase I trade deals on 15 January 2020, China announced the reduction of the additional tariffs (5%) by halves starting 14 February 2020, which also affect some of the major petrochemical products.
|
Product |
Existing Tariffs |
Reduction Rates |
New Tariffs Rates |
|
HDPE |
30% |
2.5% |
27.5% |
|
LLDPE |
30% |
2.5% |
27.5% |
|
PP |
30% |
2.5% |
27.5% |
|
PS |
30% |
2.5% |
27.5% |
|
ABS |
30% |
2.5% |
27.5% |
|
PET |
30% |
2.5% |
27.5% |
|
EVA |
30% |
2.5% |
27.5% |