We want to make sure you stay up to date with the hottest trade blogs from 2019. Below is a summary of what you missed by category. Enjoy!
DTL saved clients MILLIONS of dollars in 2019. It is with great joy that we finish off 2019 celebrating our fourth anniversary! We would like to thank each of you for being an integral part of making DTL a success.
This year has been filled with numerous achievements and accomplishments. We are grateful for the clients who have entrusted their trade and customs issues to us, and we look forward to assisting you in 2020!
Below we share some of our 2019 success stories with you.
BREAKING NEWS: China Trade War Update – List 4A Reduced to 7.5% and List 4B will NOT become effective on 12/15
We have been monitoring for a news update on whether U.S. & CHINA reached a “PHASE ONE DEAL” since we last wrote about it on October 11, 2019. Two months later, the USTR published a press release confirming that the United States and China have reached an historic and enforceable agreement on a Phase One trade deal and President Trump tweeted the announcement noting that this “is an amazing deal for all”.
What does the “Phase One Deal” Include?
- The deal requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange.
- The Phase One agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years.
- Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement.
- The United States has agreed to modify its Section 301 tariff actions in a significant way.
What is the Impact on Section 301 Tariffs?
Lists 1, 2, 3 will continue to be subject to 25% tariffs
- Approximately $250 billion of Chinese imports
List 4A has been reduced to 7.5% from 15%
- Approximately $120 billion of Chinese imports
- The effective date for the reduced tariff has NOT been announced.
- List 4B will not become effective on December 15.