U.S. President Donald Trump has postponed a planned tariff increase on Chinese products. In exchange, China will buy more U.S. made farm, energy and industrial goods.
The change in plans means U.S. tariffs on $200 billion in Chinese products will not jump from 10% to 25% on January 1, 2019. This decision could be reversed, however, if there are no changes in Chinese trade policy, with the top U.S. priorities being elimination of forced technology transfers, trade secret theft and non-tariff trade barriers, to which President Trump and President Xi have agreed to immediately begin negotiations.
Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%.
The full list of goods subject to the 10% tariff are available here along with Saturday’s statement from the White House.
For more information please call Brian Rowe, Director – Customs Compliance & Regulatory Affairs at (905) 882-4880, ext. 213.
