USA revised tariffs schedule on 1660 import products

USA revised tariffs schedule on 1660 import products

It is reported that the USA government has put the Miscellaneous Tariff Bill (MTB) of 2018 into regulations, which zero-rated the tariffs for thousand of products including chemicals and plastics end products. 

Earlier this month, 150 manufacturing companies and groups have signed an open letter lobbying against the tariffs, citing the negative impact on the businesses.

The latest regulations readout that in order to be exempted from import tariffs, the products have to not be produced in the USA or the existing capacities in the US are not sufficient. The MTB eliminated tariffs on 1660 products, of which 51% are chemical-related and 9% are plastics end products.

It is important to note that these exemptions are only applied to tariffs prior to the trade war, meaning to say that countries that currently engage in trade conflict with the USA are not entitled to the MTB.