Recently, the US government announced that America is going to impose an additional duty of 25% on about 50 billion dollar products exported from China. On June 15th, 2018, the Office of the United States Trade Representative (USTR) issued a list of China’s goods that will be subjected to extra tariffs. The list released today has involved 1102 products, which include products related to “Made in China 2025” industry policy, will be imposed extra tariffs in two stages. The first set contains 818 items of merchandise with a value of approximately $34 billion will be imposed additional duties by the US Customs and Border Protection on July 7th, 2018. The additional tariffs measure for other 284 products with a value of about 16 billion dollar will further solicit public comments.

So, will that measure impacts the US companies import magnets like NdFeB, SmCo, AlNiCo, ferrite magnets from China? Extra duties for products the USTR released have two lists. In the list 1, it does cover some magnetic products, which includes flexible permanent magnets or other than of metal (8505.19.10), and other electromagnetic products (8505.20.00, 8505.90.30, 8505.90.40, 8505.90.70, 8505.90.75). Two lists can be found in the reference link below. If you want to see more detailed products list, you can click the first set and the second set, and download the files. You can also learn more about this tariffs policy from this link. It seems that two lists don’t have an impact on those China companies who manufacture and export magnet parts, but it can’t be taken lightly. As a permanent magnet exporting company, what we should do about this additional duty measure is:
1. Always pay attention to the changes of products duties. In case any change happens, we should keep close contact with our customers.
2. Check out the list of extra tariffs products, and make clear about the obligations of sellers and buyers. Once the products are involved, it is obliged pay for the duties.
3. Contracts should be strictly checked before signing to ensure both parties’ interests.

Reference URL: https://ustr.gov/about-us/policy-offices/press-office/press-releases/2018/june/ustr-issues-tariffs-chinese-products

---Posted by Permanent Magnets Manufacturer China Rare Earth Magnet Limited on 20180625

Tags: permanent magnet, magnet manufacturer, China magnet