Today, the Trump administration’s China trade war intensified as it announced plans to increase tariffs on Lists 1, 2, 3, and 4!
The president connected the additional tariff hikes to China’s new retaliatory tariffs (as a result of US’s imposition of List 4 tariffs) on $75 billion-dollar in US products, mainly impacted the agricultural and auto industries, or President Trump’s base (as previously reported here).
So what are the changes?
LIST 4 UPDATE
The Scheduled tariffs set to be implemented on September 1 (for products listed on 4A) were originally planned to be introduced at a 10% tariff. The administration has now raised those tariffs to 15%.
LIST 1, 2, and 3 UPDATE
President Trump also announced an increase in List 1, 2, and 3 tariffs starting October 1! The tariffs will increase from 25% to 30%.
The president’s war on trade seeks to deter nations from “taking advantage of the U.S.” and rightly accuses China of “intellectual property theft” for “many years.” The president laid blame for the trade imbalance with Asia’s largest economy on past administrations seeming inability to achieve “fair and balanced trade.”
For background information on China Tariffs and numerous ways to mitigate the effect of the China tariffs, check out our previous blogs. Diaz Trade Law has assisted clients in assessing their best options to prepare or mitigate the China tariffs and submitted comments and exclusions. Our Customs and International Law attorneys are available at 305-456-3830 or email@example.com.