US Delayed Tax Increase of 8.75 billion US Dollars on Plastic Products Will Pay Lower Tariffs

2019年09月12日11:15 来源：无

According to the Notice of the Tariff and Tax Commission of the State Council on the Trial Implementation of the Exclusion of Tariff Commodities imposed on the United States and Canada (Notice No. 2 of the Tax Commission), with the approval of the State Council, the Tariff and Tax Commission of the State Council promulgated the first list of excluded goods imposed on the United States and Canada, and the first batch of goods imposed on the United States and Canada. The exclusion of some commodities at one time has been implemented since September 17, 2019.

Among them, the goods listed in List 1 will no longer be subject to the tariffs I imposed on anti-US 301 measures from September 17, 2019 to September 16, 2020. For the refund of the tax levied, the relevant importing enterprises shall apply to the Customs within six months from the date of publication of the exclusion list.

From September 17, 2019 to September 16, 2020, the goods listed in List 2 will no longer be subject to the tariffs I imposed on the anti-US 301 measures, and the tariffs already imposed will not be refunded.

Next, the Tariff and Tax Commission of the State Council will continue to work on the exclusion of tariff commodities imposed on the United States and Canada, and timely publish the list of subsequent batches of exclusions.

In the face of China's initiatives, the United States has released goodwill. On Wednesday, Trump tweeted that the U.S. plan to impose a 5% tariff on $250 billion in goods was postponed until October 15. Earlier, on August 24, the United States announced that from October 1, the United States would raise tariffs on imports of $250 billion from China from the current 25% to 30%.

According to HS caliber classification, 250 billion dollars of goods are mainly distributed in labor-intensive products such as communications, electronics, machinery and equipment, automobiles, furniture and so on.

According to HS caliber classification, among 98 categories of commodities, "motor, electrical, audio-visual equipment and its zero accessories", "nuclear reactor, boiler, mechanical appliances and parts" accounted for the most prominent amount, 27.1% and 23.1% of automobiles, followed by "furniture, bedding, lamps and lanterns, movable rooms", accounted for 12.0%. "Vehicles and their zero accessories" accounted for 5.7%; "plastic products" and "steel products" accounted for 3.5%; "leather products; luggage; animal intestinal products" accounted for 3.0%; "optical, photographic, medical and other equipment and zero accessories" accounted for 2.6%.

From the above statistics, we can see that the direct result of the delay in imposing tariffs is that the plastic products which account for 3.5% (export value is 8.75 billion US dollars) will pay 5% less tariffs.

According to the data tracked by IBUYCHEM Institute, China mainly exports plastic products to the United States. In 2018, the United States was China's leading exporter of plastic products, accounting for 30.43% of total exports. The second is the European Union, ASEAN, Japan and other countries and regions.

In terms of details of plastic products exported from China to the United States, most of the plastic products exported from China to the United States are concentrated in plastic toys, plastic pi pes, water pipes and hoses, plates, sheets, films, containers, plastic bags and packaging bags, ceiling and floor coverings, gloves and raincoats, etc. Among them, the top four products are PVC floor products, plastic products, tableware and kitchen utensils, transport packaging. The above products accounted for 59.73% of the plastic products exported. Therefore, from the details of the export products, the delay in imposing tariffs in the United States will, to a certain extent, boost the domestic PE, PP, PVC plastic products industry.

Sino-US trade frictions and their impact on the plastic industry will be followed up by IBUYCHEM Institute.

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