The trade dispute between China and the US heated up again on Friday as China announced their intent to raise the amount of duties they collect on US goods by 5-10% on roughly $75 billion of trade. President Trump tweeted he would have a reply by the end of the day, and true to his word, he announced that he was adding 5% to all of the previously enacted or announced duties, including the List4-Aand4-Bproducts. The official statement from the US Trade Representative can be foundHERE. There has not been an announcement in the Federal Register as yet, but that will be coming probably later this week.
On the $250 billion in imports referenced in Lists 1, 2, and 3, the current duty rate of 25% will increase to 30%, effective October 1.
On the $300 billion in imports covered by Lists 4-A and 4-B, the duties for List 4-A will now be 15% effective Sept. 1, and will increase to 30% on Dec. 15. List 4-B which is scheduled for Dec. 15, will be implemented at 30%.
As we have learned previously, until an agreement is reached to resolve this trade dispute with China, things can change quickly and with little warning. Averitt Express will continue to try and keep you informed as we learn more details.