Billions of dollars are coming, a complete analysis of textile and clothing tax-related products
On July 10, the Office of the United States Trade Representative (USTR) issued a statement stating that based on China’s retaliation against the United States and its refusal to change its behavior, policies and practices, USTR is planning to impose tariffs on more than 6,000 items imported from China to the United States. A 10% ad valorem tax will be imposed on goods worth US$200 billion. A suggested list of products to be taxed is also attached. I will organize the important information of this taxation proposal for member companies as follows:
About taxation procedures
This tax will not be implemented immediately. According to relevant procedures, after the United States publishes the proposed list of goods, it will go through a process of about two months, including soliciting public opinions and hearings. The hearing will be held from August 20 to August 23. The final results are expected to be announced after August 30.
About taxed products
This taxation involves products with more than 6,000 tax numbers, and the taxation list is 205 pages long. I will sort out the product categories involved in the textile and apparel industry.
Involved products include (only products under textile and apparel statistics)
About the response plan
After the first phase of the 34 billion taxation measures was implemented, the Office of the United States Trade Representative announced the product exclusion procedures, allowing U.S. interested parties (importers, business associations) to apply for exemptions for taxed products. If this 200 billion tax plan is officially implemented, the United States may announce similar product exclusion procedures. We will promptly notify companies of the application details.
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