The U.S. and China have agreed to a 90-day suspension regarding the implementation of new import tariffs while they work on a negotiated settlement. Existing tariffs already enacted by either country will remain in effect, but new tariffs will be delayed subject to ongoing negotiations between the two countries aimed at resolving their trade disputes.
Specifically, U.S. Section 301 tariffs (‘duties’) will continue at 25% for List 1 and List 2 products from China. Chinese List 3 products will continue to attract the current Section 301 tariff of 10% – previously scheduled to increase to 25% on January 1st, 2019 – is suspended pending the outcome of negotiations between the countries.
Similarly, Chinese tariffs already in place will remain but further tariffs on U.S. products will be paused for 90 days.
Reports indicate China has also agreed to substantially increase its purchase of American goods, including agricultural and energy products, to help off-set existing trade deficit between the two parties.
Please contact your local Delmar International representative or our North American Customs Advisory Services Group at firstname.lastname@example.org for additional information and assistance.