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Important Upcoming Information

Due to the upcoming holidays, our office will be closing Tuesday, December 24th from 3:00 through end of the day Wednesday. We will also be closing Tuesday, December 31st from 3pm through January 1st.

Please contact your account officer accordingly during this time frame.

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Wishing you all a Happy Holiday and a prosperous 2020!

If You Import from China – US and China have come to a decision regarding tariffs

Carli Valinoti, Express Trade Capital

Chinese President Xi Jinping with President Donald Trump in June in Japan. They are the primary actors in the longest-running, most serious trade war in history.
via Getty Images/WSJ

After months of negotiation, the US and China have announced that they have come to an agreement on trade. The US will cut the current taxes on $120 billion of Chinese goods from 15% down to 7.5% and has decided to not move forward with adding tariffs to the rest of the $160 billion Chinese goods. This will take effect on December 15, 2019. A 25% tariff rate will continue to stay in place on approximately $250 billion worth of US goods. In return, China has agreed to increase its purchases of US goods and services along with around $40-50 billion in agriculture products.

For questions on how this affects your imports from China, contact our logistics office for further assistance. Contact@expresstradecapital.com

IF YOU IMPORT FROM CHINA—IMPORTANT ANNOUNCEMENT REGARDING CHANGES TO TRADE-REMEDY TARIFFS

Reports from the White House and the Office of the United States Trade Representative (USTF) announce that a Phase 1 agreement with China has been reached with a significant impact on the current and pending changes.

  • The trade-remedy tariffs under List 4B will not go into effect on December 15, 2019, as previously announced.  This action has been suspended indefinitely.
  • The trade-remedy tariffs under List 4A will remain in effect but at a reduced rate.  The current rate of 15% will be dropped to 7.5%.
  • The trade-remedy tariffs under Lists 1-3 will remain at 25% for the time being.  These tariffs are being retained to be used as a negotiation point during Phase 2, which is anticipated to commence soon after this Phase 1 is signed.

Official implementing instructions need to be published which will likely provide specifics, for example, the effective date and time and event of the 4A reduction.  This may not occur until the agreement is signed with China in early January. 

For assistance in understanding the impact to your company, please contact Express Trade Capital. Contact@expresstradecapital.com