Xinhua News Agency, Beijing, May 13 (Xinhua) - The State Council Tariff and Tariff Commission announced on May 13 that on May 9, 2019, the US government announced that starting from May 10, 2019, the tariff rate for imported $200 billion inventory goods from China will be increased from 10% to 25%. The above measures taken by the United States have led to an escalation of economic and trade frictions between China and the United States, which goes against the consensus of the two sides to resolve trade differences through consultation, harms the interests of both sides, and does not meet the general expectations of the international community. In order to defend the multilateral trading system and its legitimate rights and interests, China has had to adjust and impose tariffs on some imported goods originating from the United States.

According to laws and regulations such as the Foreign Trade Law of the People's Republic of China and the Import and Export Tariff Regulations of the People's Republic of China, as well as basic principles of international law, and with the approval of the Central Committee of the Communist Party of China and the State Council, the State Council Tariff Commission has decided to increase the tariff rate on the portion of the US $60 billion list of goods that have already been subject to additional tariffs from 0:00 on June 1, 2019, by implementing 25%, 20%, or 10% additional tariffs, respectively. For goods that were previously subject to a 5% tariff, a 5% tariff will continue to be imposed.

China's adjustment of tariff measures is a response to the US unilateralism and trade protectionism. China hopes that the US can return to the correct track of bilateral economic and trade negotiations, work together with China, move towards each other, and strive to reach a mutually beneficial and win-win agreement on the basis of mutual respect.

Source: Xinhua News Agency