08 May U.S. CHINA TRADE TALKS STALL
The ongoing trade war between The United States and China has seen little accomplished since January 1, 2019 when the next round of increased duty/tariffs on Chinese made goods was set to take effect. Due to stalled negotiations on several points, The Trump Administration announced that as of 12:01 am May 10 the planned move from 10% penalty tariff to 25% penalty tariff that was postponed as of January 1, 2019 on another set of Chinese HTS codes would move forward.
This affects an additional $200 Billion dollars worth of regularly imported Chinese made products. Please note that when the tariffs are charged is a product of the import date into the U.S.A. and not the ship date from China. As such, many shipments already on their way to the USA from China would be subject to the 15% increase (up from 10%) once they arrive here in the USA.
China’s Vice Premier Liu He is traveling to Washington D.C. on Thursday May 9 and Friday May 10 to continue negotiations and there is a chance that the increase in tariffs may be called off, but that seems unlikely according to most analysts.
Please contact us at LRI for more information on this development. China is expected to announce similar increases in tariffs on USA goods imported into China to mirror this latest decision by the Trump Administration.