Months ago, a deadline of March 1st was set by the Trump Administration to have a new trade deal in place that would reduce or somehow mitigate the tariffs that were implemented last summer. In a brief “truce” to the trade war, President Trump agreed not to increase the 10% tariffs to 25% as long as negotiations for a new, more favorable deal were ongoing in good faith.
With the date only a few weeks away now and not much readily apparent progress on talks, buyers in the United States and manufacturers in China have become worried that there will be a drastic increase. However this week the President indicated that March 1st may not be a hard deadline as progress continues, and the 10% duties may continue without increase. This is good news for any importers seeking to control costs, and also bodes well for anyone looking for a positive resolution to this trade war.
In the meantime, these 10% tariffs will continue on for the same products that have been hit before, and will continue to affect US businesses in all industries. If you’d like to discuss the impact the tariffs are having and ways to get refunds or mitigate their impact, please contact our VP of Sales Andrew Galloway at email@example.com or 973-726-5340.