The Office of the U.S. Trade Representative (USTR) released a statement concerning a potential increase of tariffs to 25% on Chinese imports under “Section 301” of the Trade Act of 1974.
According to the release, the USTR had been directed by the president to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10%, and in response to China’s response, the president further directed the USTR to consider increasing the proposed level of the additional duty from 10% to 25%. The 25% customs duty would be applied to the proposed list of products previously announced in a USTR notice on 10 July 2018. Read TradeNewsFlash
In light of the possible increase of the additional duty rate to 25%, the close of the written comment period for the July 2018 notice is extended from 30 August to 5 September, and the due date for requests to appear at the public hearing is extended to 13 August 2018. These modifications to the comment period will be set out in a notice published in the Federal Register.
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
John L. McLoughlin
Luis (Lou) Abad
© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.