U.S. Companies to Face China Tariffs as Exclusions Expire
December 31, 2020
(NYT) American companies are facing the prospect of higher taxes on some of the products they import from China, as the tariff exclusions that had shielded many businesses from President Trump’s trade war are set to expire at midnight on Thursday.
Mr. Trump began placing tariffs on more than $360 billion of Chinese goods in 2018, prompting thousands of companies to ask the administration for temporary waivers excluding them from the levies. Companies that met certain requirements were given a pass on paying the taxes, which range from 7.5 percent to 25 percent. Those included firms that import electric motors, microscopes, salad spinners, thermostats, breast pumps, ball bearings, fork lifts and other products.
But the bulk of those exclusions, which could amount to billions in revenue for businesses based in the United States, are set to automatically expire at midnight on Thursday. After that, many companies will have to again pay a tax to the government to import a variety of goods from China, including textiles, industrial components and other assorted products.
To Read More: https://www.nytimes.com/2020/12/31/business/economy/china-tariffs-exclusions-expire.html
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