China Introduces 34% Tariffs on U.S. Imports
China is firm in its stance that it will not retreat in the current trade war waged by America. China recently imposed a 34% tariff on U.S. goods imports. The State Council of Tariff Commission declared that all U.S. imports would be subjected to the tariffs from April 10. Beijing accused Washington of abusing international trade rules and exercising unilateral economic pressure.
Legal Basis for Tariffs
These tariffs, as per the State Council of Tariff Commission, are being levied in accordance with China's Tariff Law, Customs Law, Foreign Trade Law, and International Trade Regulations. The commission assured that with the approval of the State Council, these additional tariffs would be levied on U.S. imports from April 10.
Effect on Current Trade Policies
- These tariffs will be an addition to the current taxes levied on U.S. imports.
- But existing import and tax exemptions will continue as they are.
- Existing commodities in transit shall be exempted if they have already reached China before May 13.
Reactions of Beijing on U.S. Tariffs
China also protested vehemently when former President Donald Trump applied 34% tariffs on Chinese imports. China threatened to make suitable retaliatory action. Trade between China and the United States annually amounts to $438 billion.
China's Trade Negotiations with the U.S.
In spite of the tariff war, Beijing affirmed that it is still in touch with Washington on trade matters. China reiterated its determination to settle disputes through fair negotiations.
China Criticizes U.S. Trade Policies
China's Foreign Ministry spokesperson denounced U.S. tariff policies, saying:
"America has levied tit-for-tat tariffs on several nations, including China. It goes against the World Trade Organization (WTO) norms and ignores the multilateral trading regime. China can retaliate in its own interests."
China-U.S. Trade Overview
- The United States is China's second-largest export market after ASEAN and the European Union.
- The combined trade value between China and the U.S. in 2024 was $582.4 billion.
- Imports by China from America stood at $143.5 billion.
As tensions increase, the world economic environment will be impacted by these tariffs in the months ahead.
Tags Cloud
