Tariff Increase on Imports from China Set for Friday
After reporting on Trump's tweets on Monday, it looks like China and the United States haven't reached a deal.
The Office of the United States Trade Representative has issued a formal notice (read here) with modifications to section 301. As of this Friday, May 10th, tariffs on 200 billion worth of Chinese goods will increase from 10% to 25% (list 3).
President Trump's tweets earlier this week also talked about slapping an additional 325 billion worth of Chinese goods with a 25% tariff, but the USTR notice doesn't mention any additional tariffs yet.
The decision to move forward with the new restrictions was the slow pace of trade negotiations.
At first China had a deadline of March 1st for the tariffs to be increased if a deal wasn't reached, but the US suspended those plans until this week's announcement.
The additional tariffs translate into a 150% increase in your bottom line. These duties will hit with little warning this Friday. Please contact us here and we'll be happy to assist with the best strategy for your business.
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