Please note the below information regarding tariff updates and a national day of remembrance for former President George H.W. Bush.
Section 301 Tariff List 3 Will See Delays In Implementation Of 25 Percent Increase
On Saturday, December 1, 2018, United States President Donald Trump and China President Xi concluded a meeting that resulted in a 90-day truce between the United States and China. The United States agreed to leave Section 301 List 3 at 10 percent on January 1, 2019 and not raise tariffs to the proposed 25 percent.
China agreed to purchase a substantial amount of agricultural, energy, industrial and other products from the United States in an effort to reduce the trade imbalance between the two countries. China also agreed to label fentanyl as a controlled substance in an effort to stem the opioid epidemic in the United States.
Negotiations will be ongoing in several key areas with a goal of completion with 90 days. If this is unattainable, the List 3 tariffs will increase from 10 percent to 25 percent at the end of the 90 days.
Wednesday, December 5, 2018 Declared A Federal Holiday
The United States has declared Wednesday, December 5, 2018 a National Day of Mourning to remember the loss of former President George H.W. Bush. US Federal Government office buildings will be closed on Wednesday.
If you have additional questions, please contact us or reach out to your Ascent Global Logistics Key Account Representative directly.
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