On October 11, the White House announced intentions to hold off on additional duties scheduled to go into effect on Chinese goods on October 15, which would have increased the tariff rate on $250 billion worth of products from 25% to 30%. The tariff increases would have impacted items on Lists 1, 2, and 3. This news follows President Trump’s recent meeting with Chinese Vice Premier Liu He, where the two leaders came to an agreement on “phase one” of their trade talks. Although specific details of the current arrangement between the U.S. and China are not yet known, Treasury Secretary Steve Mnuchin stated that tariffs will rise in mid-December if an official deal cannot be reached.
For more information on how this could impact your business, contact:
- Martin Lutz, Partner (firstname.lastname@example.org, 512-495-6024)
- Lindsey Roskopf, Attorney (email@example.com, 713-615-8534)
- or another member of the McGinnis Lochridge International Trade and Transactions Practice Group