Heavy benefits! The United States re exempted 352 tariffs on Chinese goods and extended them to the end of 2022! [list attached]
Heavy benefits! The United States re exempted 352 tariffs on Chinese goods and extended them to the end of 2022! [list attached]
On the 23rd local time, the office of the US Trade Representative (USTR) issued a statement announcing the re exemption of tariffs on 352 goods imported from China. The new provisions will apply to goods imported from China between October 12, 2021 and December 31, 2022.
The list of goods released by the office of the U.S. trade representative covers a series of Chinese imports initially estimated at $370 billion, including bicycles, pumps, motors, some auto parts and chemicals, backpacks, vacuum cleaners and other consumer goods.
During his tenure, former US President trump imposed punitive tariffs of 7.5% to 25% on these goods.
How to check whether your product is included in this exemption:
Directly click "read the original" at the end of the text to download the file and view the exemption list.
Use the latest US tariff inquiry website（ https://hts.usitc.gov/ ）View. Enter the first six digits of China's HS code. According to the product description, you can find the corresponding local HTS code in the United States.
Last October, the office of the U.S. trade representative announced that it plans to re exempt 549 tariffs on Chinese imports and consult the public on this.
After nearly half a year, the office of the U.S. trade representative issued a statement on the 23rd confirming 352 of the 549 Chinese imports that had previously planned to be re exempted from tariffs. The office said that the US decision on that day was the result of a comprehensive public consultation and consultation with relevant US agencies.
It is understood that during the administration of former US President trump, the United States imposed tariffs on some Chinese imports.
Amid the protests of American business circles, the trump administration began to implement the tariff exemption procedure again in 2018. However, at the end of his term, trump refused to extend these tariff exemptions, which angered many US business leaders.
What does this tariff exemption mean?
The Wall Street Journal and the South China Morning Post, an English language media in Hong Kong, pointed out that in fact, there have long been calls for reducing tariffs on China in the United States.
It is reported that from 2018 to 2020, American enterprises submitted about 53000 applications for tariff exemption, but 46000 of them were rejected. American companies complain that some tariffs on Chinese goods actually harm the interests of American companies.
For example, a product from China used by an American company in the supply chain is subject to tariffs, while goods manufactured by Chinese enterprises using the same products are exempted from tariffs, which makes it impossible for American enterprises to compete with China in price.
Last month, 41 senators from both parties called on Dai Qi, the US trade representative, to establish a comprehensive "exemption procedure" to expand the scope of goods eligible for tariff exemption.
CNN pointed out that for several months, many American enterprises have been waiting for the resumption of these exemptions, so as to get some relief from the supply chain interference and rising inflation in the United States. These enterprises believe that the restoration of tariff exemptions is therefore crucial.
The New York Times pointed out that the Biden administration is under pressure from lawmakers and business circles to restart the tariff exemption procedure because these tariffs hurt American companies and consumers and put the United States at a competitive disadvantage.
Major business leaders expressed disappointment at the Biden administration's trade policy towards China and urged the United States to eliminate these tariffs on China and clarify economic exchanges between the world's largest economies.
At present, prices in the United States continue to rise and inflation is serious. The latest consumer price index (CPI) released in February increased by 7.9% year-on-year, a new high in 40 years. US Treasury Secretary Yellen pointed out last year that tariffs tend to push up domestic prices, and reducing tariffs will have the effect of "curbing domestic inflation in the United States".
Some American experts believe that the tariff exemption proves that China is crucial to the global supply chain of American enterprises and American consumers.
In response to the announcement that the United States will resume the exemption of 352 tariff increases on imports from China, Shu jueteng, spokesman of the Ministry of Commerce, said on the 24th:
"This is conducive to the normal trade of relevant products. Under the current situation of rising inflation and challenges to the global economic recovery, we hope that the United States will, in the fundamental interests of consumers and producers in China and the United States, cancel all tariffs imposed on China as soon as possible."
