Sino-US Trade War Escalation: China's Export Battery Products Will Be Taxed Up To 30%

- Aug 27, 2019-

Earlier this month, Trump imposed a 10% tariff on China's $300 billion in exports, and China then carried out counter-measures against it. In order to reverse the situation, on the 23rd, Trump decided to impose a tariff of 5% on China's $550 billion in goods, which means that the tariff imposed on China's 250 billion US dollars of goods will be raised from 25% to 30%. The tariff for the $300 billion in goods will increase from 10% to 15%.

 

Today, China announced that it will impose unreasonable tariffs on US products. In response to China's decision and the purpose of investigating China's Section 301, President Trump instructed the US Trade Representative Office (USTR) to impose a 5% tariff on Chinese imports valued at approximately $550 billion. For the 25% tariff on Chinese imports valued at about $250 billion, the US Trade Representative Office (USTR) will raise it to 30% from October 1. The 10% tariff imposed on the Chinese imports worth about $300 billion announced by the President earlier this month is now 15%, effective on the original date.

 The Office of the US Trade Representative will publish more details on today's statement in the Federal Register as soon as possible.

 In the battery industry, the United States has imposed tariffs on many export commodities of Chinese companies, and the scope of taxation has expanded and deepened. All in all, whether it is the battery industry or other industries, the current situation of exports to the United States is unclear.