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U.S. signs Phase One deal with China

     USTR

On January 15, 2020, the United States Trade Representative (USTR) announced the U.S. had signed an Economic and Trade Agreement (informally known as a Phase One agreement) with China.

In good faith of the deal, the U.S. advised in December 2019 that additional tariffs scheduled to become effective December 15, 2019 were not being implemented, but tariffs imposed on $250 Billion of China origin goods (known as List 1, 2 and 3) will remain in effect at 25%.  The remaining tariffs ($120 Billion) have been reduced to 7.5% from the previous rate of 15%.  Those tariffs being reduced were implemented effective September 1, 2019 and referred to as List 4A.

Additionally, the U.S. had also provided China Tariff exemptions to a number of products effective January 6, 2020 (retroactive to September 24, 2018).

Full information on the China Tariff actions and exclusions may be found here.

For more information, contact Brian Rowe, Director – Customs Compliance & Regulatory Affairs.

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