On Sunday, May 5, 2019, the President of the United States threatened to move forward with increasing the List 3 China Tariffs from 10% to 25% on $200 billion in imports from China, effective Friday, May 10, 2019. This is a change in the administration’s position from their February 24th decision to postpone the increase indefinitely.
The president also noted that an additional 25% tariff on all remaining products imported from China (valued at $325 billion) would be implemented “shortly.” A specific date and hearing process have not been announced for this new fourth list of products.
This announcement comes following last week’s trade talks in China and in advance of this week’s discussions with the Chinese delegation in Washington, D.C. It was previously rumored that the United States and China were nearing a trade deal and that these last two weeks of discussions could result in finalizing that agreement between the world’s two largest economies.
Based on the president’s May 5 message, importers are encouraged to evaluate their liabilities should the List 3 tariffs increase from 10% to 25% on Friday, May 10. Also, importers and the trade community should be closely monitoring to see if the administration moves forward with a 25% tariff on all remaining Chinese goods, including many consumer goods.
For more information, please contact your local MIQ Logistics, a company of Noatum Logistics representative.