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Latest: US Customs Official Announced That The Duty Increased To 25% This Morning. The War Started!

2019/5/10 14:44:00 9307

Today, the US Customs and border Administration (CBP) issued a formal statement.

At 0 a.m. on May 10th, the tariff will be raised from 10% to 25% for the third batch of Chinese products of about 200000000000 dollars.

I need to remind everyone of you.

According to CBP,

As long as we export from China before May 10th, even if the goods haven't arrived, they can still be collected at 10% tax rate.

For this, it is recommended that all cross-border partners check the operation details with the consignee as soon as possible.

Implementation details

Effective date:

The eastern standard time is 12 May 10, 2019.

Taxable products:

Originating in China;

Included in the $200 billion product tax list.

The scope of Taxation (at the same time meeting the following two conditions):

After the effective time, it will export to the United States.

After the effective time, it is imported into the United States.

Mode of Taxation:

Ad valorem levy

Exceptions

Taxation rules:

10% levy rate is still applicable.

The scope of application (at the same time satisfies the following two conditions):

Import declaration in the United States after the effective time;

Exports to the United States before the effective date.

Specific implementation:

Separate provision
Mode of execution (optionally one)

When applying for customs declaration, press 25%, and apply for refund after the announcement of the implementation details.

Postponed 10 days to submit the import declaration, and it will be submitted after the announcement of the implementation details of the exceptions.

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The new round of war has begun.

I believe our counter measures will come soon.

Come on, China!

Come on, foreign trade people in China!

Reading extension:

How many textile enterprises and products are involved?

According to the Trump government's proposed tariff list of about $200 billion for Chinese products in July 10th, the commodity category includes seafood, fruits and vegetables, yarn, wool, raincoat jacket and so on.

According to the statistics of China Textile Import and export chamber, the US tax proposal list covers 6031 tax numbers.

Among them, there are more than 1000 textile and apparel products tax numbers, which involve most textile materials, semi-finished products and a small number of clothing accessories, mainly including textile raw materials (cotton, silk, wool, hemp, etc.); yarn and fabrics (cotton, wool, silk, hemp, chemical fiber, glass fiber, etc.); carpets; industrial textiles; leather and fur clothing, hat and gloves, plastic raincoats, etc.

China's exports to the United States, such as woven garments, knitted garments and household textile products, are not included in the list.

It involves about 10 billion 300 million US dollars in exports of textile and clothing to the United States, accounting for 22.6% of China's exports of textile and clothing and raw materials to the United States and about 2 thousand export enterprises.

Products involved (including textiles and clothing Statistics):

According to the preliminary arrangement of the China Federation of textile industry, there are about 900 tax numbers in the list.

927 textile products

Covers almost all products involved in the HS50-60 chapter.

All yarns, fabrics / fabrics including various raw materials (cotton, wool, silk, hemp and chemical fiber), as well as industrial textiles and some textile machinery products, involve us $4 billion in annual exports to the United States.

This list excludes clothing products and most household textiles.

The HS50-60 chapter on tax increases for US exports in 2017 is as follows:

How to upgrade Sino US trade?

Sun Weiting, Hua Fu holdings and Huafu fashion chairman, said:

The relationship between China and the United States is different from those of previous rounds of big powers. The two teeth are dependent on each other, regardless of market relationship or financial relationship.

Textile and clothing are not the focus of disputes. There is no need for them to have excessive psychological burden.

If we look at the role of turning the crisis into a machine, it is also a catalyst for China's textile and garment industry to go out.

Believe in the words of the forefathers: the general trend and the right way.

In China, the trend is to do well in our own affairs, and the national destiny can be sustained.

Sino US trade conflict, financial leverage, any company running will be under pressure.

How can we avoid the reduction in orders, falling prices, increasing inventories and increasing the risk of accounts receivable?

Our countermeasures are: ensuring growth, quality and efficiency, and controlling risks.

Shanghai Hua Shen import and Export Co., Ltd., responsible person said:

"We need to improve the investment environment, encourage the textile and garment industry to upgrade its technology, and strengthen the free trade agreement with ASEAN, the European Union, the countries along the route and the central and South American countries, so that there will be more sales targets for China's textile and clothing products."

A person responsible for a large export enterprise in Jiangsu said:

"Textile products are not sophisticated and highly substitutable, and coupled with low profit margins, the ability to withstand pressure is tested."