[Global IDT Insights] U.S. Raises China Tariffs to 125% Amid Retaliatory Trade Spat; Temporarily Eases Duties on Other Nations & Others

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  • Last Updated on 17 April, 2025

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Global IDT Insights

Editorial Team – [2025] 173 taxmann.com 507 (Article)

1. U.S.

Amid rising global trade tensions, U.S. President Donald Trump escalated the trade dispute with China by imposing a 125% tariff on Chinese imports, following China’s retaliatory 84% tariff on U.S. goods.

In contrast, the U.S. adopted a more lenient approach toward other nations that refrained from retaliating, by temporarily suspending high country-specific tariffs for 90 days and applying a uniform 10% tariff.

2. New Zealand

In an effort to clarify GST treatment for managed investment funds, New Zealand’s Inland Revenue Department issued Interpretation Statement IS 25/05. The statement confirms that fees charged by fund managers for services provided to investors or the fund itself are exempt from GST, as they fall under the financial services exemption. However, outsourced administrative services, such as registry maintenance, fund accounting, and unit pricing, are considered taxable supplies. Additionally, the taxability of investment management services depends on the level of authority granted to third-party managers, requiring a careful assessment of each specific service under the GST framework.

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied