U.S. Customs formally announced that tariffs will be raised to 25% from May 10.

On May 10th, the US Customs and Border Administration (CBP) officially issued a statement, China will raise tariffs from 10 to 25 on the 3rd batch of US$200 billion worth of Chinese goods at 00:00 am on May 10th! According to the CBP, as long as the goods are exported from China by May 10, they can still be levied at a 10 tax rate even if the goods have not arrived in Hong Kong. For subject-matter goods imported for consumption on or after 12:01 a.m. on 5 May and exported by 10 May, the 10 per cent tax rate remains applicable.

Entry into force: 10 May 2019 at 1200 hours EDT;

Taxable products: Originating in China; Included in the US$ 200 billion tax list for products.

Tax coverage (both conditions being met): Export to the United States after the effective date; Imported in the United States after the effective date.

Method of taxation: ad valorem and surcharge

Tax Rules: Still apply the 10 Increase Tax Rate

Scope of application (both of the following conditions are satisfied): After the effective date of import declaration in the United States; Before it goes into effect, its exported to the United States.

Implementation: separate provisions

Execution method (optional): import declaration at 25, and apply for tax refund after the detailed implementation rules are published; Delay the submission of import declaration form on the 10th, and submit it only after the exception of the detailed implementation rules is published.

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