SadKangaroo wrote on Dec 8
th, 2024 at 5:10pm:
Leroy wrote on Dec 8
th, 2024 at 10:16am:
SadKangaroo wrote on Dec 7
th, 2024 at 10:53pm:
Trade Policy: Expanding "reciprocal tariffs" to penalise countries imposing tariffs on U.S. goods
Like it or not, tariffs are going a lot of heavy lifting... And he's lying about the targeted country paying for them.
I don't think you understood what Trump and Vance were conveying, its like you use the MSNBC playbook for anything Trump says.
I am well aware of how tariffs function and fully understand the current position of the United States.
Even if they are intended as bargaining tools, these threats are hollow. The damage inflicted on the US economy will far outweigh any harm caused to its trading partners.
If recognising this aligns with what MSNBC is reporting, so be it, facts are facts. No amount of dismissal or distraction will change that.
I apologise if reality fails to conform to the narrative being peddled by Fox News or Sky News, but reality remains indifferent to spin.
So would you be happy if Trump just followed China's example:
Tariff RatesChina Customs assesses and collects tariffs. Import tariff rates are divided into six categories: general rates, most-favored-nation (MFN) rates, agreement rates, preferential rates, tariff rate quota rates, and provisional rates.Since China is a member of the WTO, imports from the United States are assessed at the MFN rate. The five Special Economic Zones, open cities, and foreign trade zones within cities offer preferential duty reductions or exemptions. Companies doing business in these areas should consult the relevant regulations.
China may apply tariff rates significantly lower than the published MFN rate for goods that the government has identified as necessary to the development of critical industries. For example, China’s Customs Administration has occasionally announced preferential tariff rates for items in the automotive, steel, and chemical sectors.
Taxes
On top of normal tariff duties, both foreign and domestic enterprises are required to pay value-added taxes (VAT). VAT is assessed on sales and importation of goods and processing, repairs, and replacement services. VAT is assessed after tariffs and incorporates the value of the tariff. The PRC is bound by WTO rules to offer identical tax treatment for domestic and imported products. VAT is collected regularly on imports at the border. Importers note that their domestic competitors often fail to pay taxes. VAT rebates up to 17% (a full rebate) are available for certain goods.
The PRC government frequently adjusts VAT rebate levels to fulfill industrial policy goals. Exporters complain that it takes months to obtain the rebates, and amounts are often miscalculated. Also, local budgets limit rebates, and coastal provincial authorities often run out of funds for rebates well before the end of the year. The applicable rebate method varies according to the date the enterprise was established.
The U.S. signed a tax treaty with the PRC that took effect on January 1, 1987 (United States-The People’s Republic of China Income Tax Convention). It provides certain benefits and allows for the avoidance of double taxation, but in order to enjoy the benefits provided by the tax treaty, non-residents (enterprises and individuals) must register with their local tax authorities in accordance with Circular 124. The corporate income tax rate in China is 25%.
This tax law includes two exceptions to the 25% flat rate: one for qualified small-scale and thin profit companies, which will pay 20%, and another to encourage investment by high tech companies, which will pay 15%. Additional incentives are available for investments in resource and water conservation, environmental protection, and work safety. Preferential tax treatment for investments in agriculture, animal husbandry, fisheries, and infrastructure development continues to be applied. Note that taxable goods and tax rates are periodically adjusted.
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