The Chinese government has launched new policies to reduce the impacts of the U.S. tariffs on Chinese exporters. One of them is to raise duty drawback rates for the exported products. The policy will become effective on November 1st, 2018.
The Ministry of Finance of China has issued the policy to increase duty drawback rates to 16 percent for luminaries and related lighting products. According to the official announcement, the goal of the revision is to optimize export tax policy and to respond to the complexity of the international situation.
On September 24th, 10 percent tariffs on US$ 200 billion worth of Chinese goods have been imposed and LED luminaires are included in the product list. The tariffs will jump to 25 percent by the end of 2018. In order to lessen the impacts of tariffs on its local companies, China has continued to increase duty drawback rates in the past few months for various products.
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