US postpones tariff rate increase scheduled for October 15
On Friday, October 11, U.S. President Donald Trump announced the postponement of a scheduled tariff rate increase on $250 billion worth of Chinese goods. This announcement comes amidst trade talks between the U.S. and China taking place in Washington, D.C.
The scheduled tariff rate increase was set to take effect on Tuesday, October 15, and would have increased the levy on Section 301 List 1, 2, and 3 products from 25 to 30%. The postponement is part of a “very substantial phase one deal,” which also includes the purchase of $40 billion to $50 billion worth of U.S. agricultural products by China.
President Trump has indicated that the next phase of trade talks with begin immediately, with many pundits hoping to see a U.S.-China trade deal come out of the Asia-Pacific Cooperation meeting on November 16-17.
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.
