China Unveils Tariffs On Foreign Goods; Gives The West Some Of Its Own Medicine
China is tightening its grip on cross-border e-commerce, imposing a new tax system on all overseas purchases. While Trumpian tariffs are dismissed as crazy talk by America’s establishment, it seems China took advantage to boost “Made-in-China” products at the expense of the west.
As The Wall Street Journal reports,
The changes, announced by the Finance Ministry last week, include raising the so-called parcel tax that is currently imposed on overseas retail products that e-commerce firms ship into China. On top of that, such goods sent directly to consumers will now be treated as imports and will be subject to tariffs and value-added and consumption taxes, whose rates vary depending on the type and value of goods.
Also, at a summit in Washington today, David Cameron challenged China’s president in Washington and urged him to end the attacks on UK steel plants but instead they introduced a 46 per cent duty on a type of steel made at a plant in South Wales. It heaped even more pressure on the PM and the Chancellor – who stand accused of being so in hock to China that they stood back while Britain’s steel industry was pushed to the brink of extinction.
The controlling board of TATA STEEL is on the verge of shutting down their factories in Britain. Up to 40,000 jobs are under threat from Tata’s shock decision earlier this week to pull out of Britain, and the Government faced growing criticism yesterday over claims it had brought this upon them by their anti-Russia/China political agendas.
Business Secretary Sajid Javid flew back from a controversial trip to Australia to Port Talbot, where he held a series of meetings with managers and was confronted by hundreds of angry steelworkers.
Roy Rickhuss, of the Community union, added: ‘The Chinese are slapping 46 per cent tariffs on Welsh steel – it must be April Fool’s Day.’
Miss Patel, a key Leave campaigner, said: ‘I have serious concerns that the EU is hampering our ability to provide that vital economic security and flexibility to act.’
She added: ‘At present we are fighting with both hands tied behind our backs as EU restrictions on our trade policy and red tape have cost the British steel industry thousands of jobs, leaving entire communities devastated.’
U.S.-dominated foreign policy, and quisling EU compliance with stupid political policies, including the so-called “war on terror,” is bringing on a new detente with the U.S. and Europe separating from Eastern Europe, Asia and Indonesia … a move that is creating a new “cold war” and causing chaos and damage to the west.
____________________________________________________________________