An additional increase in tariffs on $250B of goods imported from China has been delayed by two weeks, from October 1 to October 15. President Trump announced the move as a goodwill gesture ahead of planned trade talks with Chinese officials in Washington next month.
The tariffs scheduled to increase from 25% to 30% were chiefly on non-consumer materials used by businesses. Although the U.S. and China remain far apart on many issues and further tariffs on Chinese goods are threatened, news of the postponement was seen as brightening the outlook for the October trade talks.
Earlier Wednesday, China announced a range of U.S. goods to be exempted from 25% extra tariffs announced last year. However, those did not include exports such as soybeans and other products whose increased tariffs are exerting pressure on American farmers.
What can importers do?
The situation remains very fluid. We are advising clients to do the following:
- Know whether your imports are affected and decide what you’re going to do about it.
- If you have a question about whether your products are affected by these or other tariffs, we may be able to help. We can tell you what impact the tariffs will have on your shipments, and help you file a claim for an exemption.
- Consider sourcing options in other countries besides China.