In an interview on Fox News on Sunday, May 20, 2018, Treasury Secretary Steven Mnuchin stated that proposed new tariffs on products from China will be “put on hold while we try to execute the framework” of a deal with China.
“I’m pleased to report that we’ve made very meaningful progress, and we’ve agreed on a framework, which is important to understand, and the framework includes their agreement to substantially reduce the trade deficit by increasing their purchasing of goods,” he stated.
What does this mean to you, the U.S. Importers? As I have stated to many of you in the past couple of months, this is good news. To remind all, the proposal would add a 25% duty to numerous goods being imported from China. This would have a significant impact throughout the supply chain, increasing costs all the way to the final end user. It is a very good sign that both sides continue to talk and negotiate. This agreement would be a huge win for U.S. businesses. Not only would U.S. Importers not face a steep increase in duties, but also U.S. Exporters would have more doors open to them as part of the final results.
OCEANAIR is following this closely on your behalf. If you have any comments or questions please contact our import compliance group through Compliance@oceanair.net.