On December 13th, President Trump agreed to a limited trade deal with China, putting a stop to the additional tariffs on $156 billion of Chinese-made goods, including footwear and apparel, that were set to go into effect on Sunday, December 15th. Also in this agreement, existing tariffs on about $360 billion of Chinese-made goods will be cut in half.
While, so far, nothing official has been published, these reports indicate very good news. These tariffs have negatively impacted the sport and health industry, and we are hopeful that this trade agreement comes to fruition.
The U.S. and China negotiated this deal within the last week, and is currently pending a final agreement from China. Click here to learn more.
Another opportunity for American companies to decrease tariff exposure is through the Miscellaneous Tariff Bill (MTB) petition process. To learn more about the MTB, click here.
Click here to listen to ST&R’s “Two Minutes in Trade” podcast about this development.
TIA Letter Sent to President Trump on behalf of the tennis manufacturers, retailers and businesses
ALERT: As of December 13th, 2019
The United States first imposed tariffs on imports from China based on the findings of the Section 301 investigation on China’s acts, policies, and practices related to technology transfer, intellectual property, and innovation. The United States will be maintaining 25 percent tariffs on approximately $250 billion of Chinese imports, along with 7.5 percent tariffs on approximately $120 billion of Chinese imports. Trump's top trade advisor expects him to sign deal in early January.
No December 15 tariffs.
The September 1 tariffs reduced to 7.5%
Other 25% tariffs remain.
* Sandler, Travis & Rosenberg P.A., shares eight possible strategies for companies to consider as they deal with increased tariffs on the products they import from China.
1. ABC - Anywhere But China
2. Product-specific exclusion requests
4. Tariff/Origin Engineering
5. First Sale Valuation
6. FTZ/Bonded Warehouse
7. Duty Drawback
8. 321 De Minimis
Stay informed on what you need to know, what action you need to take and how to work together!