tariff Archives - Ceylon Independent

US imposes new tariffs on $200bn of Chinese goods

18Sep

By Faraz ShauketalyNo Comments

World

US imposes new tariffs on $200bn of Chinese goods

The US is imposing new tariffs on $200bn (£150bn) worth of Chinese goods as it escalates its trade war with Beijing. These will apply to almost 6,000 items, marking the biggest round of US tariffs so far. Handbags, rice and textiles will be included, but some items expected to be targeted such as smart watches and high chairs have been excluded. The Chinese commerce ministry said it had no choice but to retaliate. In a statement, the ministry said that it hoped the US would correct its behaviour, but did not specify what actions it would take. The US taxes will take effect from 24 September, starting at 10% and increasing to 25% from the start of next year unless the two countries agree a deal. President Donald Trump said the latest round of tariffs was in response to China...

US–China trade war escalates as China imposes tariffs on US goods

China has suspended tariff concessions on 128 items of U.S. products including pork and fruits starting Monday, Country’s Finance Ministry said. China’s Finance Ministry said in a statement that the measure was taken in order to safeguard China’s interests and balance the losses caused by the United States. “China’s advocacy and support for the multilateral trading system and the suspension of tariff concessions to the US are legitimate measures taken by China using the rules of the WTO,” Finance Ministry said. “Based on the current applicable tariff rates, we have suspended duties of seven categories of 128 imported goods originating in the United States from April 2, 2018.” Accordingly, a tariff of 15 percent will be imposed on 120 items of products imported from the United S...

Sri Lanka plans to liberalize markets to increase competition, enhance living standards

Sri Lanka's budget for next year plans to liberalize the trade removing tariffs immediately and modernizing archaic legislation to remove the barriers and boost competition among exporters. Delivering speech in Parliament during the Third Reading of the Appropriation Bill (2018) which was passed by the House Saturday (09), with a two-thirds majority, Finance Minister Mangala Samaraweera said Sri Lanka has become one of the most protectionist economies in the region with an array of tariffs and para-tariffs. He pointed out that in addition to driving up the cost of living and the cost of doing business, these tariffs have resulted in creating an anti-export bias and diverting economic resources to the non-tradable sector. "It is no wonder then that our exports have collapsed in the...