China to reduce tariffs on U.S. imports by half
China announced it would reduce tariffs on $75 billion of U.S. imports in an effort to implement the recently signed trade agreement between the two nations. The tariff rates will be reduced by half on February 14, 2020, per China’s Ministry of Finance.
Imported U.S. goods previously facing a 10% tariff since September 1, 2019, will have that rate reduced to 5%, while goods with 5% tariffs will be reduced to 2.5%. These tariffs were initially imposed in September in retaliation to U.S. tariffs on Chinese imports.
You can find the announcement from China’s Ministry of Finance here.
Trans-Border will continue to monitor the situation. If you have any questions, please reach out to Bill Carey, Import Compliance Manager, at bcarey@tbgfs.com or (800) 493-9444.
